Fiduciary Group LLC Purchases 9,389 Shares of Wells Fargo & Co (NYSE:WFC)
Fiduciary Group LLC grew its position in shares of Wells Fargo & Co (NYSE:WFC) by 7.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 132,574 shares of the financial services provider’s stock after acquiring an additional 9,389 shares during the quarter. Wells Fargo & Co comprises approximately 1.1% of Fiduciary Group LLC’s holdings, making the stock its 26th largest holding. Fiduciary Group LLC’s holdings in Wells Fargo & Co were worth $6,273,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of WFC. Daily Journal Corp raised its holdings in Wells Fargo & Co by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after buying an additional 157,588,200 shares during the period. Geode Capital Management LLC raised its holdings in Wells Fargo & Co by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after buying an additional 2,114,810 shares during the period. Norges Bank purchased a new stake in Wells Fargo & Co during the 4th quarter valued at $2,004,580,000. Sanders Capital LLC raised its holdings in Wells Fargo & Co by 2.9% during the 2nd quarter. Sanders Capital LLC now owns 17,546,738 shares of the financial services provider’s stock valued at $915,731,000 after buying an additional 487,700 shares during the period. Finally, Alecta Pensionsforsakring Omsesidigt raised its holdings in Wells Fargo & Co by 5.8% during the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 14,590,000 shares of the financial services provider’s stock valued at $704,989,000 after buying an additional 800,000 shares during the period. Hedge funds and other institutional investors own 76.34% of the company’s stock.
Several analysts recently weighed in on the company. Wolfe Research lowered Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. JPMorgan Chase & Co. reduced their target price on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th. UBS Group reduced their target price 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. Buckingham Research reduced their target price on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Finally, Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 target price on the stock. in a research note on Thursday, June 27th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $51.12.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, beating the consensus estimate of $1.16 by $0.14. The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The business’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm posted $0.98 earnings per share. As a group, equities analysts expect that Wells Fargo & Co will post 4.8 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.04 annualized dividend and a dividend yield of 4.54%. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 46.58%.
Wells Fargo & Co declared that its Board of Directors has approved a stock repurchase plan on Thursday, June 27th that permits the company to buyback $23.10 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
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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