Wells Fargo & Co (NYSE:WFC) Position Cut by Twin Capital Management Inc.

Twin Capital Management Inc. trimmed its holdings in Wells Fargo & Co (NYSE:WFC) by 38.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 126,986 shares of the financial services provider’s stock after selling 79,129 shares during the quarter. Twin Capital Management Inc.’s holdings in Wells Fargo & Co were worth $6,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the stock. Kavar Capital Partners LLC grew its holdings in Wells Fargo & Co by 349.0% in the 2nd quarter. Kavar Capital Partners LLC now owns 4,535 shares of the financial services provider’s stock worth $215,000 after buying an additional 3,525 shares in the last quarter. Redmond Asset Management LLC bought a new position in Wells Fargo & Co in the 2nd quarter worth approximately $1,088,000. Executive Wealth Management LLC grew its holdings in Wells Fargo & Co by 56.4% in the 2nd quarter. Executive Wealth Management LLC now owns 1,695 shares of the financial services provider’s stock worth $80,000 after buying an additional 611 shares in the last quarter. Hartford Financial Management Inc. grew its holdings in Wells Fargo & Co by 1.1% in the 2nd quarter. Hartford Financial Management Inc. now owns 53,558 shares of the financial services provider’s stock worth $2,534,000 after buying an additional 587 shares in the last quarter. Finally, Milestone Group Inc. boosted its stake in Wells Fargo & Co by 22.6% during the 2nd quarter. Milestone Group Inc. now owns 5,939 shares of the financial services provider’s stock valued at $281,000 after purchasing an additional 1,095 shares in the last quarter. 76.89% of the stock is owned by institutional investors and hedge funds.

WFC has been the subject of a number of research reports. Macquarie lowered Wells Fargo & Co from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $54.00 to $47.00 in a research note on Wednesday, July 17th. BMO Capital Markets decreased their price target on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Morgan Stanley decreased their price target on Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 17th. Wolfe Research lowered Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Finally, JPMorgan Chase & Co. decreased their price target 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. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company’s stock. Wells Fargo & Co has a consensus rating of “Hold” and an average price target of $51.12.

Shares of NYSE:WFC traded down $0.05 during midday trading on Thursday, hitting $43.92. The company’s stock had a trading volume of 11,072,304 shares, compared to its average volume of 22,285,064. The firm has a market capitalization of $200.13 billion, a PE ratio of 10.03, a price-to-earnings-growth ratio of 0.88 and a beta of 1.08. The stock’s 50 day moving average is $47.06. Wells Fargo & Co has a fifty-two week low of $43.02 and a fifty-two 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.

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

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be given a $0.51 dividend. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a dividend yield of 4.65%. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 46.58%.

Wells Fargo & Co announced that its Board of Directors has initiated a stock buyback plan on Thursday, June 27th that allows the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

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

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