Hi Line Capital Management LLC Sells 1,383 Shares of Wells Fargo & Co (NYSE:WFC)

Hi Line Capital Management LLC lowered its stake in shares of Wells Fargo & Co (NYSE:WFC) by 0.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 149,639 shares of the financial services provider’s stock after selling 1,383 shares during the quarter. Wells Fargo & Co makes up approximately 3.3% of Hi Line Capital Management LLC’s holdings, making the stock its 11th biggest holding. Hi Line Capital Management LLC’s holdings in Wells Fargo & Co were worth $7,081,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of WFC. Qtron Investments LLC raised its position in shares of Wells Fargo & Co by 34.1% in the 2nd quarter. Qtron Investments LLC now owns 15,672 shares of the financial services provider’s stock valued at $742,000 after acquiring an additional 3,983 shares during the period. Truvvo Partners LLC raised its position in shares of Wells Fargo & Co by 70.3% in the 2nd quarter. Truvvo Partners LLC now owns 19,578 shares of the financial services provider’s stock valued at $926,000 after acquiring an additional 8,079 shares during the period. Dana Investment Advisors Inc. raised its position in shares of Wells Fargo & Co by 32.3% in the 2nd quarter. Dana Investment Advisors Inc. now owns 7,042 shares of the financial services provider’s stock valued at $333,000 after acquiring an additional 1,718 shares during the period. ETRADE Capital Management LLC raised its position in shares of Wells Fargo & Co by 21.9% in the 2nd quarter. ETRADE Capital Management LLC now owns 69,112 shares of the financial services provider’s stock valued at $3,270,000 after acquiring an additional 12,431 shares during the period. Finally, Round Hill Asset Management raised its position in shares of Wells Fargo & Co by 1.7% in the 2nd quarter. Round Hill Asset Management now owns 27,505 shares of the financial services provider’s stock valued at $1,301,000 after acquiring an additional 450 shares during the period. 75.40% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:WFC opened at $49.02 on Friday. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $56.25. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The firm has a fifty day simple moving average of $46.50 and a 200 day simple moving average of $47.26. The stock has a market capitalization of $212.86 billion, a PE ratio of 11.19, a P/E/G ratio of 0.94 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The business had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same period last year, the business earned $0.98 earnings per share. The firm’s revenue was up .1% on a year-over-year basis. On average, equities analysts predict that Wells Fargo & Co will post 4.77 earnings per share for the current fiscal year.

Wells Fargo & Co declared that its board has authorized a stock repurchase plan on Thursday, June 27th that permits the company to repurchase $23.10 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were paid a $0.51 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a dividend yield of 4.16%. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 46.58%.

A number of analysts recently weighed in on WFC shares. Atlantic Securities downgraded shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target on the stock. in a research report on Tuesday, June 11th. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 26th. Buckingham Research cut their price target on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. UBS Group downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price target for the company from $51.00 to $49.00 in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut their price target on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th. Five research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company’s stock. Wells Fargo & Co presently has an average rating of “Hold” and a consensus target price of $50.74.

Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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