Requisite Capital Management LLC Grows Stock Holdings in Wells Fargo & Co (NYSE:WFC)

Requisite Capital Management LLC raised its position in shares of Wells Fargo & Co (NYSE:WFC) by 1,657.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 15,905 shares of the financial services provider’s stock after buying an additional 15,000 shares during the period. Requisite Capital Management LLC’s holdings in Wells Fargo & Co were worth $753,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Orrstown Financial Services Inc. raised its stake in shares of 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 valued at $25,000 after acquiring an additional 287 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co in the second quarter valued at $25,000. Horan Capital Advisors LLC. acquired a new stake in shares of Wells Fargo & Co in the first quarter valued at $27,000. Brand Asset Management Group Inc. raised its stake in shares of 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 valued at $31,000 after acquiring an additional 242 shares in the last quarter. Finally, Next Capital Management LLC acquired a new stake in shares of Wells Fargo & Co in the second quarter valued at $32,000. Institutional investors and hedge funds own 76.34% of the company’s stock.

Wells Fargo & Co stock traded down $0.36 during midday trading on Tuesday, reaching $44.89. The company’s stock had a trading volume of 5,623,966 shares, compared to its average volume of 21,849,808. 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. The company has a market cap of $196.91 billion, a P/E ratio of 10.25, a P/E/G ratio of 0.86 and a beta of 1.08. The business has a 50-day simple moving average of $46.81 and a 200-day simple moving average of $47.55.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating the Zacks’ 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 company had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $20.95 billion. During the same period last year, the firm earned $0.98 earnings per share. Wells Fargo & Co’s quarterly revenue 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 year.

Wells Fargo & Co announced that its board has authorized a share 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Thursday, August 8th. 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 yield of 4.54%. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 46.58%.

WFC has been the topic of several analyst reports. Odeon Capital Group upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Citigroup cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $56.00 to $51.00 in a research note on Friday, July 12th. Wolfe Research cut Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. UBS Group reduced their price objective on Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Finally, Atlantic Securities cut Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective on the stock. in a research note on Tuesday, June 11th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price 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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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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