Smead Capital Management Inc. lowered its position in Wells Fargo & Co. (NYSE:WFC) by 5.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,861,091 shares of the financial services provider’s stock after selling 114,437 shares during the period. Wells Fargo & Co. makes up 4.1% of Smead Capital Management Inc.’s holdings, making the stock its 11th largest position. Smead Capital Management Inc.’s holdings in Wells Fargo & Co. were worth $88,085,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Svenska Handelsbanken AB publ acquired a new stake in Wells Fargo & Co. during the second quarter worth about $15,118,000. Exxonmobil Investment Management Inc. TX increased its stake in Wells Fargo & Co. by 6.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 1,195,917 shares of the financial services provider’s stock worth $56,603,000 after buying an additional 71,107 shares during the period. Lazard Asset Management LLC increased its stake in Wells Fargo & Co. by 10.3% in the first quarter. Lazard Asset Management LLC now owns 6,564,216 shares of the financial services provider’s stock worth $317,445,000 after buying an additional 611,374 shares during the period. Aviva PLC increased its stake in Wells Fargo & Co. by 0.7% in the first quarter. Aviva PLC now owns 3,065,051 shares of the financial services provider’s stock worth $148,226,000 after buying an additional 22,620 shares during the period. Finally, Primecap Management Co. CA increased its stake in Wells Fargo & Co. by 20.5% in the first quarter. Primecap Management Co. CA now owns 18,501,167 shares of the financial services provider’s stock worth $894,716,000 after buying an additional 3,149,895 shares during the period. 73.98% of the stock is owned by hedge funds and other institutional investors.
Wells Fargo & Co. (NYSE:WFC) traded up 0.04% on Friday, reaching $45.74. The company had a trading volume of 28,710,524 shares. Wells Fargo & Co. has a 12 month low of $44.50 and a 12 month high of $56.34. The company has a market capitalization of $230.78 billion, a price-to-earnings ratio of 11.29 and a beta of 0.90. The company’s 50 day moving average price is $48.28 and its 200-day moving average price is $48.56.
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, hitting the Thomson Reuters’ consensus estimate of $1.01. Wells Fargo & Co. had a return on equity of 12.95% and a net margin of 24.33%. The company had revenue of $22.20 billion for the quarter. During the same period in the previous year, the business posted $1.03 EPS. Wells Fargo & Co.’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities analysts predict 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 dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Wednesday, August 3rd. Wells Fargo & Co.’s payout ratio is presently 37.25%.
A number of research firms have weighed in on WFC. Vetr cut Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $46.32 price target for the company. in a report on Tuesday, August 30th. Deutsche Bank AG restated a “buy” rating and issued a $50.00 price target (down previously from $59.00) on shares of Wells Fargo & Co. in a report on Friday, September 16th. Piper Jaffray Cos. restated an “underweight” rating and issued a $45.00 price target on shares of Wells Fargo & Co. in a report on Wednesday, September 14th. Credit Agricole SA restated an “outperform” rating and issued a $57.00 price target on shares of Wells Fargo & Co. in a report on Tuesday. Finally, Atlantic Securities cut Wells Fargo & Co. from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $46.15 to $44.00 in a report on Friday, September 16th. Seven investment analysts have rated the stock with a sell rating, eight have given a hold rating and nineteen have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $51.27.
In other news, COO Timothy J. Sloan sold 20,500 shares of Wells Fargo & Co. stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the sale, the chief operating officer now owns 650,815 shares of the company’s stock, valued at approximately $31,837,869.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.29% of the company’s stock.
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.
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