Resource Management LLC trimmed its position in Wells Fargo & Co (NYSE:WFC) by 5.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,549 shares of the financial services provider’s stock after selling 2,087 shares during the quarter. Resource Management LLC’s holdings in Wells Fargo & Co were worth $1,635,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Orrstown Financial Services Inc. grew its stake in shares of Wells Fargo & Co by 125.9% during the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after buying an additional 287 shares during the last quarter. Evolution Wealth Advisors LLC bought a new position in shares of Wells Fargo & Co during the second quarter valued at approximately $25,000. Horan Capital Advisors LLC. bought a new position in shares of Wells Fargo & Co during the first quarter valued at approximately $27,000. Brand Asset Management Group Inc. grew its stake in shares of Wells Fargo & Co by 96.8% during the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after buying an additional 242 shares during the last quarter. Finally, Nalls Sherbakoff Group LLC bought a new position in shares of Wells Fargo & Co during the fourth quarter valued at approximately $32,000. 75.35% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE WFC traded down $0.19 during trading hours on Friday, reaching $46.21. The stock had a trading volume of 9,575,658 shares, compared to its average volume of 21,341,462. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The firm has a market cap of $206.78 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08. The company has a fifty day moving average price of $47.14. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53.
The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be issued a $0.51 dividend. This is a positive change 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 dividend yield of 4.41%. Wells Fargo & Co’s payout ratio is presently 41.10%.
Wells Fargo & Co announced that its board has authorized a share repurchase program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of research analysts have recently commented on WFC shares. Morgan Stanley cut their target price on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 17th. Barclays cut their target price on Wells Fargo & Co from $64.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, April 15th. Citigroup cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their target price for the company from $56.00 to $51.00 in a research note on Friday, July 12th. Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating and cut their target price for the company from $54.00 to $47.00 in a research note on Wednesday, July 17th. Finally, Goldman Sachs Group cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their target price for the company from $58.00 to $48.00 in a research note on Friday, April 12th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $51.12.
In related news, insider Petros G. Pelos sold 28,304 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the sale, the insider now owns 3,066 shares in the company, valued at $142,599.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.08% of the stock is currently owned by insiders.
Wells Fargo & Co 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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