Oakworth Capital Inc. lessened its holdings in Wells Fargo & Co (NYSE:WFC) by 27.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,793 shares of the financial services provider’s stock after selling 3,331 shares during the quarter. Oakworth Capital Inc.’s holdings in Wells Fargo & Co were worth $416,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Orrstown Financial Services Inc. boosted its holdings in Wells Fargo & Co by 125.9% in the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 287 shares during the period. Evolution Wealth Advisors LLC acquired a new position in Wells Fargo & Co in the second quarter worth $25,000. Horan Capital Advisors LLC. acquired a new position in Wells Fargo & Co in the first quarter worth $27,000. Brand Asset Management Group Inc. boosted its holdings in Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 242 shares during the period. Finally, Nalls Sherbakoff Group LLC acquired a new position in Wells Fargo & Co in the fourth quarter worth $32,000. 76.89% of the stock is owned by hedge funds and other institutional investors.
WFC stock traded up $1.01 during mid-day trading on Friday, reaching $44.39. The company had a trading volume of 20,970,400 shares, compared to its average volume of 21,882,390. 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 stock has a market capitalization of $191.14 billion, a P/E ratio of 10.13, a P/E/G ratio of 0.85 and a beta of 1.08. Wells Fargo & Co has a one year low of $43.02 and a one year high of $59.53. The stock’s 50-day simple moving average is $46.98 and its two-hundred day simple moving average is $47.60.
Wells Fargo & Co announced that its Board of Directors has authorized a share repurchase 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 purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be paid a dividend of $0.51 per share. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s payout ratio is currently 46.58%.
A number of equities analysts have commented on the stock. Macquarie downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $54.00 to $47.00 in a report on Wednesday, July 17th. BMO Capital Markets decreased their price objective on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price objective for the company. in a report on Thursday, June 27th. UBS Group decreased their price objective on shares of Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Finally, Wolfe Research downgraded shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company’s stock. 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.
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