Truvvo Partners LLC Has $926,000 Position in Wells Fargo & Co (NYSE:WFC)

Truvvo Partners LLC increased its position in Wells Fargo & Co (NYSE:WFC) by 70.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,578 shares of the financial services provider’s stock after buying an additional 8,079 shares during the quarter. Wells Fargo & Co accounts for approximately 0.5% of Truvvo Partners LLC’s investment portfolio, making the stock its 15th largest position. Truvvo Partners LLC’s holdings in Wells Fargo & Co were worth $926,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in WFC. Grove Bank & Trust grew its position in shares of Wells Fargo & Co by 1.5% during the 1st quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock worth $710,000 after buying an additional 214 shares during the period. Gilbert & Cook Inc. grew its position in shares of Wells Fargo & Co by 0.6% during the 2nd quarter. Gilbert & Cook Inc. now owns 40,447 shares of the financial services provider’s stock worth $1,914,000 after buying an additional 225 shares during the period. Legacy Bridge LLC grew its position in shares of Wells Fargo & Co by 1.2% during the 1st quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock worth $928,000 after buying an additional 230 shares during the period. Telos Capital Management Inc. grew its position in shares of Wells Fargo & Co by 4.3% during the 1st quarter. Telos Capital Management Inc. now owns 5,624 shares of the financial services provider’s stock worth $272,000 after buying an additional 234 shares during the period. Finally, Brand Asset Management Group Inc. grew its position in shares of Wells Fargo & Co by 96.8% during the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after buying an additional 242 shares during the period. 75.40% of the stock is owned by institutional investors.

NYSE:WFC traded up $0.22 during trading hours on Friday, hitting $48.87. 16,207,733 shares of the company traded hands, compared to its average volume of 17,955,578. 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 firm’s 50-day simple moving average is $46.50 and its 200-day simple moving average is $47.26. Wells Fargo & Co has a one year low of $43.02 and a one year high of $56.25. The company has a market cap of $212.86 billion, a PE ratio of 11.16, a PEG ratio of 0.94 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating 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 business had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $20.95 billion. During the same period last year, the business earned $0.98 EPS. The business’s revenue was up .1% on a year-over-year basis. As a group, equities research analysts expect that Wells Fargo & Co will post 4.77 EPS for the current year.

Wells Fargo & Co declared that its Board of Directors has authorized a stock 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 repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, August 8th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.17%. Wells Fargo & Co’s dividend payout ratio (DPR) is 46.58%.

Several brokerages have recently commented on WFC. Piper Jaffray Companies set a $46.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research report on Monday. Deutsche Bank set a $44.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 26th. 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 research report on Thursday, June 27th. BMO Capital Markets reduced their price objective on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Finally, Morgan Stanley reduced their price objective on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 17th. Five investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. Wells Fargo & Co has an average rating of “Hold” and an average price target of $50.74.

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.

Recommended Story: Technical Indicators – What is a Golden Cross?

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).

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

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.