Integrity Financial Corp WA Lowers Stake in Wells Fargo & Company (NYSE:WFC)

Key Points

• Integrity Financial Corp WA has reduced its holdings in Wells Fargo & Company by 31.7%, owning 8,026 shares worth approximately $576,000 as of its latest SEC filing.
• Wells Fargo reported $1.54 EPS for the last quarter, exceeding analysts' expectations, while also experiencing a 0.6% increase in year-over-year revenue.
• The board of Wells Fargo has authorized a $40 billion stock buyback program, allowing the company to repurchase up to 17.2% of its shares, signaling confidence in its stock valuation.

Integrity Financial Corp WA lessened its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 31.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,026 shares of the financial services provider's stock after selling 3,725 shares during the period. Integrity Financial Corp WA's holdings in Wells Fargo & Company were worth $576,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Northern Trust Corp raised its stake in Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Wells Fargo & Company by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock worth $1,430,742,000 after buying an additional 238,131 shares in the last quarter. Capital Research Global Investors raised its position in shares of Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after buying an additional 14,210,193 shares during the last quarter. Capital World Investors lifted its stake in shares of Wells Fargo & Company by 0.4% in the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock worth $977,338,000 after buying an additional 62,099 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in Wells Fargo & Company by 277.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after acquiring an additional 7,894,919 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $77.02 on Friday. The company has a market cap of $250.64 billion, a P/E ratio of 13.19, a PEG ratio of 1.21 and a beta of 1.20. The business has a 50 day moving average of $78.86 and a two-hundred day moving average of $74.97. Wells Fargo & Company has a 52 week low of $50.22 and a 52 week high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business posted $1.33 EPS. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its board has authorized a stock repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date is Friday, August 8th. Wells Fargo & Company's payout ratio is currently 30.82%.

Analyst Ratings Changes

A number of research firms have commented on WFC. Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. TD Cowen began coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective on the stock. The Goldman Sachs Group dropped their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $80.39.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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