Atlantic Trust LLC Has $2.52 Million Stake in Wells Fargo & Company (WFC)
Atlantic Trust LLC boosted its position in Wells Fargo & Company (NYSE:WFC) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,321 shares of the financial services provider’s stock after buying an additional 562 shares during the period. Wells Fargo & accounts for 2.1% of Atlantic Trust LLC’s investment portfolio, making the stock its 13th largest position. Atlantic Trust LLC’s holdings in Wells Fargo & were worth $2,523,000 as of its most recent SEC filing.
A number of other hedge funds have also recently 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. Brick & Kyle Associates raised its position in shares of Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock worth $103,000 after buying an additional 162 shares during the period. Signature Estate & Investment Advisors LLC bought a new position in shares of Wells Fargo & during the first quarter worth $124,000. 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, Winch Advisory Services LLC raised its position in shares of Wells Fargo & by 0.7% in the first quarter. Winch Advisory Services LLC now owns 2,756 shares of the financial services provider’s stock worth $153,000 after buying an additional 18 shares during the period. Hedge funds and other institutional investors own 76.05% of the company’s stock.
Wells Fargo & Company (WFC) traded down 0.23% on Friday, hitting $51.68. 17,130,641 shares of the stock traded hands. The stock has a 50-day moving average of $54.06 and a 200-day moving average of $54.86. The firm has a market cap of $256.54 billion, a price-to-earnings ratio of 12.73 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. Wells Fargo & also was the target of unusually large options trading activity on Thursday. Investors purchased 27,464 put options on the company. This represents an increase of approximately 155% compared to the average daily volume of 10,758 put options.
Wells Fargo & (NYSE:WFC) last announced its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. The business had revenue of $22.20 billion during the quarter, compared to analysts’ expectations of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter last year, the company posted $1.01 EPS. Analysts forecast that Wells Fargo & Company will post $4.17 earnings per share for the current year.
Wells Fargo & announced that its Board of Directors has approved a share repurchase 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 reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.02%. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio (DPR) is 38.42%.
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WFC has been the topic of a number of research analyst reports. Guggenheim upgraded shares of Wells Fargo & from a “sell” rating to a “neutral” rating and decreased their price target for the company from $54.04 to $53.65 in a report on Tuesday, April 25th. Vining Sparks upgraded shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 price target on the stock in a report on Thursday, April 27th. Vetr lowered shares of Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 price target on the stock. in a report on Thursday, May 4th. Jefferies Group LLC reiterated a “hold” rating and issued a $62.00 price target on shares of Wells Fargo & in a report on Monday, May 8th. Finally, Evercore ISI decreased their price target on shares of Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, May 12th. Six research analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Wells Fargo & has an average rating of “Hold” and an average price target of $55.87.
In other Wells Fargo & 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael J. Loughlin sold 20,000 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $52.16, for a total transaction of $1,043,200.00. Following the sale, the insider now directly owns 7 shares in the company, valued at approximately $365.12. The disclosure for this sale can be found here. Insiders have sold a total of 131,278 shares of company stock valued at $6,940,120 in the last quarter. 0.22% of the stock is currently owned by corporate insiders.
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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