The Wells Fargo & Co. (WFC) Position Increased by Peak Asset Management LLC

The Wells Fargo & Co. (WFC) Position Increased by Peak Asset Management LLC

Peak Asset Management LLC boosted its position in Wells Fargo & Co. (NYSE:WFC) by 8.4% during the second quarter, Holdings Channel reports. The fund owned 89,999 shares of the financial services provider’s stock after buying an additional 6,956 shares during the period. Wells Fargo & Co. accounts for about 1.9% of Peak Asset Management LLC’s holdings, making the stock its 20th largest position. Peak Asset Management LLC’s holdings in Wells Fargo & Co. were worth $4,260,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Saybrook Capital NC boosted its position in Wells Fargo & Co. by 3.3% in the first quarter. Saybrook Capital NC now owns 8,161 shares of the financial services provider’s stock worth $395,000 after buying an additional 258 shares during the period. Willingdon Wealth Management boosted its position in Wells Fargo & Co. by 25.3% in the first quarter. Willingdon Wealth Management now owns 45,075 shares of the financial services provider’s stock worth $2,179,000 after buying an additional 9,091 shares during the period. Rehmann Capital Advisory Group boosted its position in Wells Fargo & Co. by 4.4% in the first quarter. Rehmann Capital Advisory Group now owns 29,599 shares of the financial services provider’s stock worth $1,431,000 after buying an additional 1,240 shares during the period. Teachers Advisors Inc. boosted its position in Wells Fargo & Co. by 4.6% in the first quarter. Teachers Advisors Inc. now owns 9,988,787 shares of the financial services provider’s stock worth $483,058,000 after buying an additional 441,773 shares during the period. Finally, Ngam Advisors L.P. boosted its position in Wells Fargo & Co. by 8.4% in the first quarter. Ngam Advisors L.P. now owns 1,045,112 shares of the financial services provider’s stock worth $50,542,000 after buying an additional 80,608 shares during the period. Institutional investors own 73.94% of the company’s stock.

Wells Fargo & Co. (NYSE:WFC) traded down 0.39% during mid-day trading on Friday, reaching $46.23. The company had a trading volume of 20,882,042 shares. Wells Fargo & Co. has a 52-week low of $43.55 and a 52-week high of $56.34. The company’s 50 day moving average is $45.55 and its 200 day moving average is $47.89. The stock has a market capitalization of $232.25 billion, a price-to-earnings ratio of 11.47 and a beta of 0.91.

Wells Fargo & Co. (NYSE:WFC) last issued its quarterly earnings results on Friday, October 14th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.02. The company had revenue of $22.30 billion for the quarter. Wells Fargo & Co. had a return on equity of 12.72% and a net margin of 23.91%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.05 earnings per share. Equities analysts predict that Wells Fargo & Co. will post $4.03 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Friday, November 4th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Wednesday, November 2nd. Wells Fargo & Co.’s dividend payout ratio (DPR) is presently 37.44%.

A number of equities analysts have recently weighed in on the company. Nomura reissued a “buy” rating on shares of Wells Fargo & Co. in a report on Saturday, July 9th. Barclays PLC reiterated a “buy” rating on shares of Wells Fargo & Co. in a research note on Saturday, July 9th. Drexel Hamilton reiterated a “buy” rating on shares of Wells Fargo & Co. in a research note on Monday, July 18th. RBC Capital Markets reiterated a “buy” rating and issued a $54.00 target price (down from $57.00) on shares of Wells Fargo & Co. in a research note on Tuesday, July 19th. Finally, BMO Capital Markets reiterated a “sell” rating and issued a $50.00 target price (down from $52.00) on shares of Wells Fargo & Co. in a research note on Monday, July 18th. Seven equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $49.49.

In related news, COO Timothy J. Sloan sold 20,500 shares of Wells Fargo & Co. stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the sale, the chief operating officer now directly owns 650,815 shares of the company’s stock, valued at $31,837,869.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.29% of the company’s stock.

Wells Fargo & Co. Company Profile

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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