Fragasso Group Inc. lessened its holdings in Wells Fargo & Company (NYSE:WFC – Free Report) by 48.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,969 shares of the financial services provider’s stock after selling 44,437 shares during the quarter. Fragasso Group Inc.’s holdings in Wells Fargo & Company were worth $2,047,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dodge & Cox lifted its stake in Wells Fargo & Company by 1.4% during the first quarter. Dodge & Cox now owns 120,385,253 shares of the financial services provider’s stock worth $4,500,001,000 after purchasing an additional 1,662,877 shares during the period. Geode Capital Management LLC raised its holdings in shares of Wells Fargo & Company by 1.4% in the 1st quarter. Geode Capital Management LLC now owns 68,746,622 shares of the financial services provider’s stock worth $2,564,588,000 after buying an additional 929,727 shares in the last quarter. Norges Bank acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $2,049,693,000. Moneta Group Investment Advisors LLC grew its position in Wells Fargo & Company by 129,312.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock valued at $1,085,410,000 after acquiring an additional 26,267,166 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Wells Fargo & Company by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 23,079,196 shares of the financial services provider’s stock worth $862,700,000 after acquiring an additional 304,269 shares in the last quarter. 72.47% of the stock is owned by institutional investors.
Wells Fargo & Company Trading Down 0.2 %
Shares of NYSE WFC traded down $0.09 during midday trading on Friday, reaching $42.96. 17,455,844 shares of the stock were exchanged, compared to its average volume of 20,227,408. The company has a market capitalization of $157.18 billion, a price-to-earnings ratio of 10.70, a P/E/G ratio of 0.86 and a beta of 1.14. Wells Fargo & Company has a 12 month low of $35.25 and a 12 month high of $48.84. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.84 and a quick ratio of 0.83. The business has a 50-day simple moving average of $43.42 and a two-hundred day simple moving average of $41.51.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last announced its earnings results on Friday, July 14th. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. The firm had revenue of $20.53 billion during the quarter, compared to analyst estimates of $20.11 billion. Wells Fargo & Company had a net margin of 16.18% and a return on equity of 11.15%. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.74 EPS. As a group, equities research analysts expect that Wells Fargo & Company will post 4.84 EPS for the current year.
Wells Fargo & Company Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 4th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.26%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 35.00%.
Analyst Ratings Changes
Several research firms have recently weighed in on WFC. HSBC started coverage on shares of Wells Fargo & Company in a report on Thursday, September 7th. They issued a “hold” rating and a $45.00 target price on the stock. StockNews.com assumed coverage on Wells Fargo & Company in a report on Thursday, August 17th. They set a “hold” rating for the company. VNET Group reissued a “maintains” rating on shares of Wells Fargo & Company in a research note on Monday, June 26th. Citigroup lifted their price target on Wells Fargo & Company from $50.00 to $52.00 in a report on Sunday, July 16th. Finally, Odeon Capital Group downgraded shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $43.75 target price for the company. in a research note on Monday, July 17th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.39.
Check Out Our Latest Research Report on WFC
About Wells Fargo & Company
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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