FARMERS & MERCHANTS TRUST Co OF LONG BEACH decreased its stake in shares of Wells Fargo & Co (NYSE:WFC) by 10.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 31,054 shares of the financial services provider’s stock after selling 3,567 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Wells Fargo & Co were worth $795,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Your Advocates Ltd. LLP bought a new stake in Wells Fargo & Co during the 1st quarter valued at approximately $26,000. HHM Wealth Advisors LLC acquired a new stake in Wells Fargo & Co during the first quarter worth about $27,000. Watson Rebecca bought a new position in Wells Fargo & Co during the second quarter valued at about $37,000. Global Wealth Management Investment Advisory Inc. raised its holdings in Wells Fargo & Co by 95.0% in the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 1,320 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 643 shares in the last quarter. Finally, Selective Wealth Management Inc. lifted its position in shares of Wells Fargo & Co by 227.2% in the 2nd quarter. Selective Wealth Management Inc. now owns 1,623 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 1,127 shares during the period. 72.93% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently commented on WFC. Bank of America cut their target price on Wells Fargo & Co from $32.00 to $29.00 and set a “neutral” rating for the company in a research note on Friday, July 10th. BMO Capital Markets reduced their price objective on shares of Wells Fargo & Co from $41.00 to $36.00 in a research note on Thursday, July 16th. Nomura Securities reiterated a “buy” rating and set a $31.00 target price on shares of Wells Fargo & Co in a research report on Thursday, April 16th. UBS Group lowered Wells Fargo & Co from a “neutral” rating to a “sell” rating and set a $19.00 price target on the stock. in a research report on Monday, May 4th. Finally, Atlantic Securities upgraded Wells Fargo & Co from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $28.00 to $30.00 in a report on Wednesday, July 22nd. Four equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have issued a buy rating to the company’s stock. Wells Fargo & Co currently has a consensus rating of “Hold” and a consensus target price of $33.31.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported ($0.66) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.50). The business had revenue of $17.80 billion for the quarter, compared to the consensus estimate of $18.30 billion. Wells Fargo & Co had a return on equity of 4.33% and a net margin of 6.26%. The business’s revenue was down 17.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.30 earnings per share. Analysts predict that Wells Fargo & Co will post 0.07 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.65%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 46.58%.
About Wells Fargo & Co
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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