Adams Diversified Equity Fund Inc. Decreases Position in Wells Fargo & Co (WFC)
Adams Diversified Equity Fund Inc. reduced its stake in shares of Wells Fargo & Co (NYSE:WFC) by 31.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 518,200 shares of the financial services provider’s stock after selling 243,100 shares during the period. Wells Fargo & Co accounts for approximately 1.6% of Adams Diversified Equity Fund Inc.’s holdings, making the stock its 15th largest position. Adams Diversified Equity Fund Inc.’s holdings in Wells Fargo & Co were worth $28,713,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Alexandria Capital LLC increased its position in Wells Fargo & Co 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 in the last quarter. Brick & Kyle Associates boosted its stake in shares of Wells Fargo & Co by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after buying an additional 162 shares during the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in shares of Wells Fargo & Co during the first quarter valued at $124,000. Gradient Investments LLC boosted its stake in shares of Wells Fargo & Co 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 last quarter. Finally, America First Investment Advisors LLC boosted its stake in shares of Wells Fargo & Co by 8.3% in the second quarter. America First Investment Advisors LLC now owns 2,612 shares of the financial services provider’s stock valued at $145,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.
Wells Fargo & Co (NYSE WFC) traded up 0.19% on Wednesday, hitting $51.52. The stock had a trading volume of 4,710,510 shares. The company has a market cap of $255.74 billion, a P/E ratio of 12.69 and a beta of 0.95. Wells Fargo & Co has a 1-year low of $43.55 and a 1-year high of $59.99. The stock has a 50 day moving average price of $53.60 and a 200 day moving average price of $54.71.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Wells Fargo & Co had a net margin of 26.38% and a return on equity of 12.20%. The company had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. During the same period last year, the company posted $1.01 earnings per share. Wells Fargo & Co’s revenue was up .2% compared to the same quarter last year. On average, equities research analysts expect that Wells Fargo & Co will post $4.17 EPS for the current fiscal year.
Wells Fargo & Co declared that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company 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 $0.39 dividend. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.03%. The ex-dividend date is Wednesday, August 2nd. Wells Fargo & Co’s payout ratio is currently 38.42%.
TRADEMARK VIOLATION NOTICE: “Adams Diversified Equity Fund Inc. Decreases Position in Wells Fargo & Co (WFC)” was posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this story on another site, it was copied illegally and republished in violation of US and international trademark & copyright law. The correct version of this story can be read at https://www.thecerbatgem.com/2017/08/30/adams-diversified-equity-fund-inc-decreases-position-in-wells-fargo-co-wfc.html.
WFC has been the subject of several recent research reports. Vetr cut Wells Fargo & Co from a “buy” rating to a “hold” rating and set a $57.21 price target for the company. in a research note on Thursday, May 4th. Jefferies Group LLC reissued a “hold” rating and issued a $62.00 price target on shares of Wells Fargo & Co in a research note on Monday, May 8th. Evercore ISI decreased their price target on Wells Fargo & Co from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Friday, May 12th. Keefe, Bruyette & Woods set a $62.00 price target on Wells Fargo & Co and gave the company a “buy” rating in a research note on Friday, May 19th. Finally, BidaskClub raised Wells Fargo & Co from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $55.83.
In other Wells Fargo & Co news, insider Petros G. Pelos sold 24,708 shares of Wells Fargo & Co stock in a transaction on Monday, June 12th. The shares were sold at an average price of $54.07, for a total value of $1,335,961.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael J. Loughlin sold 20,000 shares of Wells Fargo & Co stock in a transaction on 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 completion of the transaction, the insider now directly owns 7 shares in the company, valued at $365.12. The disclosure for this sale can be found here. Insiders sold 131,278 shares of company stock worth $6,940,120 over the last ninety days. Corporate insiders own 0.22% of the company’s stock.
About Wells Fargo & Co
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.
Receive News & Stock Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related stocks with our FREE daily email newsletter.