BTC Capital Management Inc. Has $5.06 Million Position in Wells Fargo & Company (NYSE:WFC)
BTC Capital Management Inc. cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 90,838 shares of the financial services provider’s stock after selling 290 shares during the period. BTC Capital Management Inc.’s holdings in Wells Fargo & were worth $5,062,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Rocky Mountain Advisers LLC increased its stake in shares of Wells Fargo & by 117.6% in the fourth quarter. Rocky Mountain Advisers LLC now owns 1,850 shares of the financial services provider’s stock valued at $102,000 after buying an additional 1,000 shares during the period. Alexandria Capital LLC increased its stake in shares of Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after buying an additional 6 shares during the period. Empirical Finance LLC acquired a new stake in shares of Wells Fargo & during the fourth quarter valued at about $128,000. Gradient Investments LLC increased its stake in shares of Wells Fargo & by 58.6% in the first quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock valued at $139,000 after buying an additional 921 shares during the period. Finally, Hemenway Trust Co LLC acquired a new stake in shares of Wells Fargo & during the fourth quarter valued at about $152,000. Institutional investors and hedge funds own 75.97% of the company’s stock.
Shares of Wells Fargo & Company (WFC) traded down 1.1421% on Friday, reaching $52.7901. The company’s stock had a trading volume of 39,274,767 shares. The firm has a market cap of $262.20 billion, a price-to-earnings ratio of 13.0025 and a beta of 0.95. Wells Fargo & Company has a 12 month low of $43.55 and a 12 month high of $59.99. The stock has a 50 day moving average of $54.49 and a 200-day moving average of $55.11.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The firm had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. During the same period last year, the firm earned $1.01 earnings per share. The company’s revenue for the quarter was up .2% compared to the same quarter last year. On average, analysts anticipate that Wells Fargo & Company will post $4.17 EPS for the current year.
Wells Fargo & declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that allows the company to buyback $11.50 billion in shares. This buyback authorization allows the financial services provider to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be paid a dividend of $0.39 per share. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Wednesday, August 2nd. Wells Fargo &’s dividend payout ratio (DPR) is 38.42%.
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Several equities research analysts have issued reports on the company. BidaskClub downgraded Wells Fargo & from a “sell” rating to a “strong sell” rating in a report on Wednesday. BMO Capital Markets upgraded Wells Fargo & from an “underperform” rating to a “market perform” rating and lowered their price target for the stock from $50.00 to $47.00 in a report on Monday. They noted that the move was a valuation call. Piper Jaffray Companies reiterated a “hold” rating on shares of Wells Fargo & in a report on Sunday, July 30th. Royal Bank Of Canada reiterated a “buy” rating and set a $60.00 price objective on shares of Wells Fargo & in a report on Friday, July 28th. Finally, Berenberg Bank downgraded Wells Fargo & from a “hold” rating to a “sell” rating and increased their price objective for the stock from $35.00 to $45.00 in a report on Friday, July 21st. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $55.87.
In other news, insider Petros G. Pelos sold 24,708 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $54.07, for a total transaction of $1,335,961.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Hope A. Hardison sold 20,000 shares of the stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $52.07, for a total transaction of $1,041,400.00. Following the sale, the insider now owns 109 shares of the company’s stock, valued at $5,675.63. The disclosure for this sale can be found here. Insiders have sold 131,278 shares of company stock worth $6,940,120 over the last ninety days. Insiders own 0.22% of the company’s stock.
About Wells Fargo &
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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