Wells Fargo & Co (NYSE:WFC) Holdings Trimmed by Watch Point Trust Co

Watch Point Trust Co lowered its position in shares of Wells Fargo & Co (NYSE:WFC) by 3.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 27,292 shares of the financial services provider’s stock after selling 937 shares during the period. Watch Point Trust Co’s holdings in Wells Fargo & Co were worth $1,292,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Brand Asset Management Group Inc. lifted its holdings 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 purchasing an additional 242 shares during the last quarter. Orrstown Financial Services Inc. lifted its holdings 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 purchasing an additional 287 shares during the last quarter. Evolution Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Co during the second quarter valued at $25,000. Horan Capital Advisors LLC. purchased a new stake in shares of Wells Fargo & Co during the first quarter valued at $27,000. Finally, Nalls Sherbakoff Group LLC purchased a new stake in shares of Wells Fargo & Co during the fourth quarter valued at $32,000. 76.89% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Co stock traded down $0.07 during mid-day trading on Thursday, hitting $43.90. The company’s stock had a trading volume of 618,278 shares, compared to its average volume of 22,285,064. The stock’s 50 day moving average is $47.06. The firm has a market cap of $200.13 billion, a P/E ratio of 10.02, a PEG ratio of 0.88 and a beta of 1.08. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The firm had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. During the same period in the prior year, the business earned $0.98 EPS. The business’s revenue for the quarter was up .1% on a year-over-year basis. As a group, equities analysts forecast that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.

Wells Fargo & Co declared that its Board of Directors has authorized a stock repurchase program on Thursday, June 27th that permits the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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 given a $0.51 dividend. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.65%. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is presently 46.58%.

Several brokerages have recently commented on WFC. Deutsche Bank set a $44.00 target price on Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $54.00 to $47.00 in a report on Wednesday, July 17th. JPMorgan Chase & Co. reduced their price objective on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research note on Tuesday, July 9th. Atlantic Securities downgraded Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective for the company. in a research note on Tuesday, June 11th. Finally, Buckingham Research reduced their price objective on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. 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 stock. The company has a consensus rating of “Hold” and an average target price of $51.12.

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

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