Koshinski Asset Management Inc. reduced its stake in shares of Wells Fargo & Co (NYSE:WFC) by 14.2% in the second quarter, Holdings Channel reports. The fund owned 11,162 shares of the financial services provider’s stock after selling 1,853 shares during the quarter. Koshinski Asset Management Inc.’s holdings in Wells Fargo & Co were worth $528,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently added to or reduced their stakes in WFC. Daily Journal Corp lifted its stake in shares of Wells Fargo & Co by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after buying an additional 157,588,200 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Wells Fargo & Co by 0.9% during the 4th quarter. Northern Trust Corp now owns 52,682,537 shares of the financial services provider’s stock valued at $2,427,611,000 after buying an additional 449,328 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Wells Fargo & Co by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after buying an additional 2,114,810 shares in the last quarter. Norges Bank purchased a new stake in shares of Wells Fargo & Co during the 4th quarter valued at approximately $2,004,580,000. Finally, Legal & General Group Plc lifted its stake in shares of Wells Fargo & Co by 4.9% during the 4th quarter. Legal & General Group Plc now owns 20,391,629 shares of the financial services provider’s stock valued at $939,635,000 after buying an additional 947,264 shares in the last quarter. 75.37% of the stock is owned by hedge funds and other institutional investors.
NYSE WFC traded down $0.27 on Wednesday, hitting $48.28. The stock had a trading volume of 2,840,555 shares, compared to its average volume of 17,745,860. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $221.57 billion, a P/E ratio of 11.02, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08. The business has a 50-day moving average of $46.91.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be paid a $0.51 dividend. The ex-dividend date is Thursday, August 8th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.23%. Wells Fargo & Co’s dividend payout ratio is currently 41.10%.
Wells Fargo & Co announced that its board has authorized a stock buyback plan on Thursday, June 27th that authorizes the company to buyback $23.10 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
A number of brokerages recently commented on WFC. BMO Capital Markets dropped their price target on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Barclays upped their price target on shares of Zimmer Biomet from $113.00 to $117.00 and gave the company an “underweight” rating in a research note on Monday, April 15th. Macquarie set a €13.00 ($15.12) price target on shares of Deutsche Telekom and gave the company a “sell” rating in a research note on Wednesday, July 17th. Zacks Investment Research cut shares of Green Plains from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 27th. Finally, Buckingham Research dropped their price target on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. Wells Fargo & Co currently has an average rating of “Hold” and a consensus price target of $51.12.
In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $46.51, for a total value of $1,316,419.04. Following the sale, the insider now directly owns 3,066 shares in the company, valued at approximately $142,599.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.08% of the company’s stock.
Wells Fargo & Co Company Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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