Meridian Management Co. lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 37.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,221 shares of the financial services provider’s stock after selling 23,778 shares during the period. Wells Fargo & accounts for approximately 1.2% of Meridian Management Co.’s portfolio, making the stock its 27th largest position. Meridian Management Co.’s holdings in Wells Fargo & were worth $2,183,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Alexandria Capital LLC increased its position in shares of Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after buying an additional 6 shares in the last quarter. Brick & Kyle Associates increased its position in shares of Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after buying an additional 162 shares in the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of Wells Fargo & during the first quarter valued at about $124,000. Gradient Investments LLC increased its position in shares of Wells Fargo & by 58.6% in the first quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock valued at $139,000 after buying an additional 921 shares in the last quarter. Finally, Winch Advisory Services LLC increased its position in shares of Wells Fargo & by 0.7% in the first quarter. Winch Advisory Services LLC now owns 2,756 shares of the financial services provider’s stock valued at $153,000 after buying an additional 18 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company (NYSE:WFC) traded down 0.10% on Monday, hitting $51.72. 2,212,951 shares of the stock traded hands. The stock has a 50-day moving average price of $53.60 and a 200 day moving average price of $54.71. The company has a market cap of $256.74 billion, a price-to-earnings ratio of 12.74 and a beta of 0.95. Wells Fargo & Company has a 1-year low of $43.55 and a 1-year high of $59.99.

Wells Fargo & (NYSE:WFC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 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 analysts’ expectations of $22.23 billion. During the same period last year, the firm posted $1.01 earnings per share. Wells Fargo &’s revenue was up .2% compared to the same quarter last year. On average, analysts anticipate that Wells Fargo & Company will post $4.17 EPS for the current fiscal year.

Wells Fargo & announced that its board has approved a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $11.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.01%. Wells Fargo &’s dividend payout ratio (DPR) is 38.42%.

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WFC has been the subject of several analyst reports. Evercore ISI dropped their target price on shares of Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Friday, May 12th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $62.00 target price on shares of Wells Fargo & in a research note on Monday, May 8th. Vetr downgraded shares of Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 target price for the company. in a research note on Thursday, May 4th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $62.00 target price on shares of Wells Fargo & in a research note on Friday, June 23rd. Finally, BidaskClub raised shares of Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Wells Fargo & currently has a consensus rating of “Hold” and a consensus target price of $55.83.

In related news, insider Michael J. Loughlin sold 20,000 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $52.16, for a total transaction of $1,043,200.00. Following the sale, the insider now directly owns 7 shares of the company’s stock, valued at $365.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mary T. Mack sold 38,988 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $52.58, for a total value of $2,049,989.04. The disclosure for this sale can be found here. Insiders have sold 131,278 shares of company stock worth $6,940,120 over the last ninety days. 0.22% of the stock is currently owned by insiders.

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.

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

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