Phoenix Holdings Ltd. raised its position in shares of Wells Fargo & Co (NYSE:WFC) by 47.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 76,835 shares of the financial services provider’s stock after purchasing an additional 24,878 shares during the quarter. Phoenix Holdings Ltd.’s holdings in Wells Fargo & Co were worth $1,864,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in WFC. APG Asset Management N.V. increased its position in Wells Fargo & Co by 56.9% during the 1st quarter. APG Asset Management N.V. now owns 9,949,691 shares of the financial services provider’s stock valued at $428,169,000 after purchasing an additional 3,606,983 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Wells Fargo & Co by 105.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 6,061,989 shares of the financial services provider’s stock worth $173,979,000 after buying an additional 3,108,879 shares during the period. Pzena Investment Management LLC grew its position in shares of Wells Fargo & Co by 27.0% during the 2nd quarter. Pzena Investment Management LLC now owns 13,678,807 shares of the financial services provider’s stock worth $350,177,000 after buying an additional 2,908,997 shares during the period. Alleghany Corp DE acquired a new stake in shares of Wells Fargo & Co during the 1st quarter worth approximately $80,259,000. Finally, Yacktman Asset Management LP grew its position in shares of Wells Fargo & Co by 118.7% during the 1st quarter. Yacktman Asset Management LP now owns 4,411,864 shares of the financial services provider’s stock worth $126,620,000 after buying an additional 2,394,333 shares during the period. 72.93% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently commented on the stock. JPMorgan Chase & Co. downgraded shares of Wells Fargo & Co to a “sell” rating in a research report on Wednesday, July 15th. Deutsche Bank raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Wednesday, June 3rd. DA Davidson assumed coverage on shares of Wells Fargo & Co in a research report on Thursday, May 28th. They set a “neutral” rating and a $27.00 price objective for the company. Wolfe Research raised shares of Wells Fargo & Co from an “underperform” rating to a “peer perform” rating and set a $28.00 price objective for the company in a research report on Thursday, July 9th. Finally, Seaport Global Securities assumed coverage on Wells Fargo & Co in a report on Wednesday, July 8th. They issued a “neutral” rating on the stock. Four equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $33.31.
NYSE:WFC traded down $0.34 during trading hours on Thursday, hitting $23.73. 1,369,025 shares of the company traded hands, compared to its average volume of 38,672,440. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.45. The firm’s 50-day simple moving average is $25.12 and its 200-day simple moving average is $30.54. Wells Fargo & Co has a one year low of $22.00 and a one year high of $54.75. The company has a market cap of $99.05 billion, a PE ratio of 27.24, a PEG ratio of 64.88 and a beta of 1.11.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported ($0.66) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.50). Wells Fargo & Co had a net margin of 6.26% and a return on equity of 4.33%. The company had revenue of $17.80 billion for the quarter, compared to the consensus estimate of $18.30 billion. During the same quarter last year, the business posted $1.30 earnings per share. Wells Fargo & Co’s revenue was down 17.5% on a year-over-year basis. As a group, equities research analysts expect that Wells Fargo & Co will post 0.04 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, August 6th. Wells Fargo & Co’s dividend payout ratio is presently 9.13%.
About Wells Fargo & Co
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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