Bourgeon Capital Management LLC Has $417,000 Position in Wells Fargo & Company (WFC)
Bourgeon Capital Management LLC maintained its position in shares of Wells Fargo & Company (NYSE:WFC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,500 shares of the financial services provider’s stock at the end of the first quarter. Bourgeon Capital Management LLC’s holdings in Wells Fargo & were worth $417,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Alexandria Capital LLC raised its position 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 worth $102,000 after buying an additional 6 shares during the period. Rocky Mountain Advisers LLC raised its position 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 worth $102,000 after buying an additional 1,000 shares during the period. Empirical Finance LLC bought a new position in shares of Wells Fargo & during the fourth quarter worth approximately $128,000. Gradient Investments LLC raised its position 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 worth $139,000 after buying an additional 921 shares during the period. Finally, Baystate Wealth Management LLC raised its position in shares of Wells Fargo & by 125.6% in the first quarter. Baystate Wealth Management LLC now owns 3,460 shares of the financial services provider’s stock worth $184,000 after buying an additional 1,926 shares during the period. 75.85% of the stock is owned by hedge funds and other institutional investors.
Wells Fargo & Company (NYSE WFC) traded up 0.32% on Tuesday, hitting $52.71. 24,875,547 shares of the company were exchanged. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99. The firm has a 50 day moving average of $54.40 and a 200-day moving average of $55.07. The stock has a market cap of $261.80 billion, a PE ratio of 12.98 and a beta of 0.95.
Wells Fargo & (NYSE:WFC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $22.23 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. The firm’s revenue was up .2% on a year-over-year basis. On average, equities analysts expect that Wells Fargo & Company will post $4.17 earnings per share for the current fiscal year.
Wells Fargo & declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.96%. The ex-dividend date is Wednesday, August 2nd. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio (DPR) is 38.42%.
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Several equities analysts recently issued reports on the stock. BidaskClub lowered shares of Wells Fargo & from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. BMO Capital Markets raised shares of Wells Fargo & from an “underperform” rating to a “market perform” rating and cut their price target for the stock from $50.00 to $47.00 in a report on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Wells Fargo & in a report on Sunday, July 30th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $60.00 price target on shares of Wells Fargo & in a report on Friday, July 28th. Finally, Berenberg Bank downgraded shares of Wells Fargo & from a “hold” rating to a “sell” rating and lifted their price objective for the stock from $35.00 to $45.00 in a research note on Friday, July 21st. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $55.87.
In related news, insider Mary T. Mack sold 38,988 shares of Wells Fargo & stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $52.58, for a total value of $2,049,989.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael J. Loughlin sold 20,000 shares of Wells Fargo & stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $52.16, for a total value of $1,043,200.00. Following the completion of the sale, the insider now owns 7 shares of the company’s stock, valued at $365.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 131,278 shares of company stock worth $6,940,120. Corporate insiders own 0.22% of the company’s stock.
Wells Fargo & Company Profile
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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