APG Asset Management N.V. Acquires 2,681,497 Shares of Wells Fargo & Company (WFC)
APG Asset Management N.V. raised its stake in Wells Fargo & Company (NYSE:WFC) by 38.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,587,279 shares of the financial services provider’s stock after buying an additional 2,681,497 shares during the period. Wells Fargo & makes up about 1.0% of APG Asset Management N.V.’s investment portfolio, making the stock its 13th largest position. APG Asset Management N.V. owned about 0.19% of Wells Fargo & worth $531,231,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Murphy Capital Management Inc. raised its stake in Wells Fargo & by 27.2% in the second quarter. Murphy Capital Management Inc. now owns 25,764 shares of the financial services provider’s stock valued at $1,427,000 after buying an additional 5,507 shares during the last quarter. Ipswich Investment Management Co. Inc. raised its stake in Wells Fargo & by 16.6% in the second quarter. Ipswich Investment Management Co. Inc. now owns 19,759 shares of the financial services provider’s stock valued at $1,095,000 after buying an additional 2,806 shares during the last quarter. Wright Investors Service Inc. raised its stake in Wells Fargo & by 13.2% in the second quarter. Wright Investors Service Inc. now owns 22,490 shares of the financial services provider’s stock valued at $1,246,000 after buying an additional 2,615 shares during the last quarter. Parthenon LLC raised its stake in Wells Fargo & by 16.8% in the second quarter. Parthenon LLC now owns 5,549 shares of the financial services provider’s stock valued at $307,000 after buying an additional 800 shares during the last quarter. Finally, Vicus Capital raised its stake in Wells Fargo & by 45.1% in the second quarter. Vicus Capital now owns 8,523 shares of the financial services provider’s stock valued at $472,000 after buying an additional 2,648 shares during the last quarter. 76.05% of the stock is owned by institutional investors.
Shares of Wells Fargo & Company (WFC) traded down 0.75% during mid-day trading on Friday, reaching $51.77. 15,307,840 shares of the company traded hands. The stock’s 50 day moving average is $53.60 and its 200 day moving average is $54.71. The stock has a market capitalization of $256.98 billion, a PE ratio of 12.75 and a beta of 0.95. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99.
Wells Fargo & (NYSE:WFC) last released its earnings results 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 quarter in the previous year, the business posted $1.01 earnings per share. The business’s revenue for the quarter was up .2% on a year-over-year basis. On average, analysts anticipate 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 buyback plan on Wednesday, June 28th that permits the company to buyback $11.50 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared 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 represents a $1.56 dividend on an annualized basis and a dividend yield of 3.01%. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, August 2nd. Wells Fargo &’s dividend payout ratio (DPR) is presently 38.42%.
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Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods set a $61.00 price objective on shares of Wells Fargo & and gave the stock a “buy” rating in a research report on Friday. BidaskClub lowered shares of Wells Fargo & from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. BMO Capital Markets raised shares of Wells Fargo & from an “underperform” rating to a “market perform” rating and dropped their price objective for the stock from $50.00 to $47.00 in a research report on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reissued a “hold” rating on shares of Wells Fargo & in a research report on Sunday, July 30th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $60.00 price objective on shares of Wells Fargo & in a research report on Friday, July 28th. Six research analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Wells Fargo & presently has a consensus rating of “Hold” and a consensus target price of $55.83.
In other news, insider Petros G. Pelos sold 24,708 shares of Wells Fargo & stock in a transaction dated Monday, June 12th. The stock was 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 available through this hyperlink. Also, insider David M. Carroll sold 27,582 shares of Wells Fargo & stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $53.28, for a total value of $1,469,568.96. 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 three months. 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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