InterOcean Capital LLC Decreases Holdings in Wells Fargo & Co (NYSE:WFC)

InterOcean Capital LLC decreased its position in shares of Wells Fargo & Co (NYSE:WFC) by 1.2% in the second quarter, HoldingsChannel reports. The fund owned 22,383 shares of the financial services provider’s stock after selling 276 shares during the quarter. InterOcean Capital LLC’s holdings in Wells Fargo & Co were worth $1,059,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of WFC. Daily Journal Corp lifted its position in Wells Fargo & Co by 9,900.0% during the second quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after acquiring an additional 157,588,200 shares during the last quarter. LLBH Private Wealth Management LLC raised its holdings in shares of Wells Fargo & Co by 38,577.6% in the second quarter. LLBH Private Wealth Management LLC now owns 3,950,921 shares of the financial services provider’s stock worth $527,000 after buying an additional 3,940,706 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of Wells Fargo & Co by 30.5% in the second quarter. Pzena Investment Management LLC now owns 9,818,873 shares of the financial services provider’s stock worth $464,629,000 after buying an additional 2,296,184 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of Wells Fargo & Co by 28.8% in the second quarter. Prudential Financial Inc. now owns 9,585,824 shares of the financial services provider’s stock worth $453,601,000 after buying an additional 2,141,742 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Wells Fargo & Co by 147.9% in the second quarter. First Trust Advisors LP now owns 3,569,267 shares of the financial services provider’s stock worth $168,898,000 after buying an additional 2,129,463 shares during the last quarter. 75.40% of the stock is owned by institutional investors.

Shares of Wells Fargo & Co stock opened at $49.15 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. The firm has a fifty day moving average price of $46.50 and a 200 day moving average price of $47.26. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $56.25. The stock has a market cap of $212.86 billion, a PE ratio of 11.22, a price-to-earnings-growth ratio of 0.94 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same quarter last year, the company posted $0.98 earnings per share. The firm’s revenue was up .1% compared to the same quarter last year. As a group, equities analysts expect that Wells Fargo & Co will post 4.77 EPS for the current year.

Wells Fargo & Co declared that its Board of Directors has initiated a stock buyback program on Thursday, June 27th that allows the company to buyback $23.10 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 4.15%. 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. Wells Fargo & Co’s dividend payout ratio (DPR) is 46.58%.

A number of research firms have issued reports on WFC. Piper Jaffray Companies set a $46.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday. Wolfe Research cut shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. JPMorgan Chase & Co. decreased their price target on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Buckingham Research decreased their price target on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Finally, Macquarie cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $54.00 to $47.00 in a report on Wednesday, July 17th. Five investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company’s stock. Wells Fargo & Co has a consensus rating of “Hold” and an average 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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