RidgeWorth Capital Management LLC boosted its stake in Wells Fargo & Co. (NYSE:WFC) by 13.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,151,019 shares of the financial services provider’s stock after buying an additional 365,802 shares during the period. Wells Fargo & Co. makes up approximately 1.3% of RidgeWorth Capital Management LLC’s portfolio, making the stock its 7th largest position. RidgeWorth Capital Management LLC owned approximately 0.06% of Wells Fargo & Co. worth $148,193,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Brick & Kyle Associates raised its stake in Wells Fargo & Co. by 10.6% in the first quarter. Brick & Kyle Associates now owns 3,153 shares of the financial services provider’s stock worth $152,000 after buying an additional 303 shares during the period. Tradewinds Capital Management LLC raised its stake in Wells Fargo & Co. by 4.7% in the second quarter. Tradewinds Capital Management LLC now owns 3,253 shares of the financial services provider’s stock worth $154,000 after buying an additional 147 shares during the period. Gemmer Asset Management LLC raised its stake in Wells Fargo & Co. by 6.7% in the second quarter. Gemmer Asset Management LLC now owns 3,735 shares of the financial services provider’s stock worth $177,000 after buying an additional 234 shares during the period. Ironwood Financial llc bought a new stake in Wells Fargo & Co. during the first quarter worth $182,000. Finally, Cypress Capital Management LLC WY bought a new stake in Wells Fargo & Co. during the second quarter worth $190,000. 73.98% of the stock is owned by institutional investors and hedge funds.
Wells Fargo & Co. (NYSE:WFC) traded up 0.142% during mid-day trading on Friday, reaching $45.785. The company’s stock had a trading volume of 21,654,558 shares. The company has a market cap of $231.01 billion, a PE ratio of 11.305 and a beta of 0.90. Wells Fargo & Co. has a 12-month low of $44.50 and a 12-month high of $56.34. The firm’s 50 day moving average is $48.34 and its 200-day moving average is $48.59.
Wells Fargo & Co. (NYSE:WFC) last announced its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.01. The business had revenue of $22.20 billion for the quarter. Wells Fargo & Co. had a return on equity of 12.95% and a net margin of 24.33%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 earnings per share. Equities analysts anticipate that Wells Fargo & Co. will post $4.02 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 5th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date was Wednesday, August 3rd. Wells Fargo & Co.’s dividend payout ratio is presently 37.25%.
A number of research firms have recently weighed in on WFC. JPMorgan Chase & Co. lowered Wells Fargo & Co. from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $53.50 to $48.00 in a research note on Wednesday. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $57.00 price objective on shares of Wells Fargo & Co. in a research note on Friday, September 9th. Vetr lowered Wells Fargo & Co. from a “strong-buy” rating to a “buy” rating and set a $51.06 price objective for the company. in a research note on Wednesday, July 6th. Raymond James Financial Inc. reissued a “market perform” rating on shares of Wells Fargo & Co. in a research note on Thursday, July 7th. Finally, Bank of America Corp. set a $50.00 price objective on Wells Fargo & Co. and gave the company a “buy” rating in a research note on Monday. Seven analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. Wells Fargo & Co. has a consensus rating of “Hold” and a consensus target price of $51.33.
In other news, COO Timothy J. Sloan sold 20,500 shares of the company’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $48.92, for a total value of $1,002,860.00. Following the sale, the chief operating officer now owns 650,815 shares in the company, valued at $31,837,869.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by insiders.
Wells Fargo & Co. Company Profile
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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.