Ledyard National Bank Decreases Holdings in Wells Fargo & Co (NYSE:WFC)

Ledyard National Bank trimmed its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 57.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,040 shares of the financial services provider’s stock after selling 9,343 shares during the quarter. Ledyard National Bank’s holdings in Wells Fargo & Co were worth $333,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Orrstown Financial Services Inc. grew its stake in Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 287 shares in the last quarter. Evolution Wealth Advisors LLC bought a new position in Wells Fargo & Co in the 2nd quarter worth about $25,000. Horan Capital Advisors LLC. bought a new position in Wells Fargo & Co in the 1st quarter worth about $27,000. Brand Asset Management Group Inc. grew its stake in Wells Fargo & Co by 96.8% in the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 242 shares in the last quarter. Finally, Nalls Sherbakoff Group LLC bought a new position in Wells Fargo & Co in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 75.35% of the company’s stock.

In related 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 transaction of $1,316,419.04. Following the completion of the sale, the insider now owns 3,066 shares of the company’s stock, valued at $142,599.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Shares of NYSE WFC traded down $0.44 during midday trading on Friday, reaching $45.96. 7,604,056 shares of the company’s stock traded hands, compared to its average volume of 21,341,462. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89. The stock’s 50 day moving average is $47.14. Wells Fargo & Co has a one year low of $43.02 and a one year high of $59.53. The stock has a market cap of $206.78 billion, a P/E ratio of 10.49, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The company had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. Wells Fargo & Co’s revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts predict that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.

Wells Fargo & Co announced that its board has approved a share buyback plan on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be given a dividend of $0.51 per share. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a yield of 4.44%. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.

A number of brokerages have commented on WFC. Buckingham Research dropped their target price 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. Atlantic Securities downgraded shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 target price on the stock. in a research note on Tuesday, June 11th. Citigroup downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $56.00 to $51.00 in a research note on Friday, July 12th. Wolfe Research downgraded shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Finally, Zacks Investment Research downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 target price on the stock. in a research note on Thursday, June 27th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company. Wells Fargo & Co has a consensus rating of “Hold” and a consensus price target of $51.12.

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.

See Also: Cost of Goods Sold (COGS)

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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