Beacon Financial Group lifted its holdings in Wells Fargo & Company (NYSE:WFC) by 3.3% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 243,745 shares of the financial services provider’s stock after acquiring an additional 7,807 shares during the quarter. Wells Fargo & accounts for about 2.6% of Beacon Financial Group’s holdings, making the stock its 4th biggest holding. Beacon Financial Group’s holdings in Wells Fargo & were worth $13,596,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Trust Co lifted its holdings in shares of Wells Fargo & by 0.3% in the 1st quarter. Trust Co now owns 80,799 shares of the financial services provider’s stock worth $4,497,000 after acquiring an additional 255 shares during the last quarter. Robinson Value Management Ltd. lifted its holdings in shares of Wells Fargo & by 108.2% in the 2nd quarter. Robinson Value Management Ltd. now owns 74,451 shares of the financial services provider’s stock worth $4,125,000 after acquiring an additional 38,691 shares during the last quarter. Catawba Capital Management VA lifted its holdings in shares of Wells Fargo & by 4.5% in the 2nd quarter. Catawba Capital Management VA now owns 108,413 shares of the financial services provider’s stock worth $6,007,000 after acquiring an additional 4,619 shares during the last quarter. Pioneer Trust Bank N A OR lifted its holdings in shares of Wells Fargo & by 1.4% in the 2nd quarter. Pioneer Trust Bank N A OR now owns 105,252 shares of the financial services provider’s stock worth $5,832,000 after acquiring an additional 1,465 shares during the last quarter. Finally, First American Trust FSB lifted its holdings in shares of Wells Fargo & by 1.1% in the 2nd quarter. First American Trust FSB now owns 97,009 shares of the financial services provider’s stock worth $5,376,000 after acquiring an additional 1,009 shares during the last quarter. Hedge funds and other institutional investors own 75.19% of the company’s stock.
Shares of Wells Fargo & Company (NYSE WFC) traded up 0.72% during mid-day trading on Friday, reaching $51.66. 28,494,345 shares of the company traded hands. The firm has a 50 day moving average of $51.92 and a 200-day moving average of $54.04. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99. The stock has a market capitalization of $256.44 billion, a PE ratio of 12.72 and a beta of 0.96.
Wells Fargo & (NYSE:WFC) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The company had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. During the same quarter in the previous year, the firm earned $1.01 earnings per share. The firm’s quarterly revenue was up .2% compared to the same quarter last year. On average, equities research analysts expect that Wells Fargo & Company will post $4.16 EPS for the current fiscal year.
Wells Fargo & declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 4th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.02%. The ex-dividend date was Wednesday, August 2nd. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s payout ratio is 38.42%.
A number of equities research analysts have recently weighed in on the stock. Piper Jaffray Companies restated a “neutral” rating and issued a $50.00 price objective (down from $52.00) on shares of Wells Fargo & in a report on Wednesday. Vetr lowered shares of Wells Fargo & from a “buy” rating to a “sell” rating and set a $48.62 price target for the company. in a report on Wednesday. BidaskClub upgraded shares of Wells Fargo & from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. UBS AG reiterated a “neutral” rating and set a $56.00 price target (down from $59.00) on shares of Wells Fargo & in a report on Friday. Finally, BMO Capital Markets upgraded shares of Wells Fargo & from an “underperform” rating to a “market perform” rating and lowered their price target for the company from $50.00 to $47.00 in a report on Monday, July 31st. They noted that the move was a valuation call. Six research analysts have rated the stock with a sell rating, fourteen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Wells Fargo & currently has a consensus rating of “Hold” and a consensus target price of $55.85.
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Wells Fargo & Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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