Highland Private Wealth Management Purchases Shares of 4,512 Wells Fargo & Co (NYSE:WFC)

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Highland Private Wealth Management bought a new position in shares of Wells Fargo & Co (NYSE:WFC) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,512 shares of the financial services provider’s stock, valued at approximately $250,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Massachusetts Financial Services Co. MA lifted its position in Wells Fargo & Co by 5.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 50,957,630 shares of the financial services provider’s stock worth $2,670,689,000 after buying an additional 2,497,659 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Wells Fargo & Co by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 41,213,847 shares of the financial services provider’s stock worth $2,160,018,000 after buying an additional 722,334 shares in the last quarter. Magellan Asset Management Ltd lifted its position in Wells Fargo & Co by 24.1% during the 1st quarter. Magellan Asset Management Ltd now owns 31,024,898 shares of the financial services provider’s stock worth $1,626,015,000 after buying an additional 6,017,222 shares in the last quarter. Boston Partners lifted its position in Wells Fargo & Co by 12.6% during the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock worth $1,176,604,000 after buying an additional 2,372,583 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in Wells Fargo & Co by 4.7% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 16,538,282 shares of the financial services provider’s stock worth $866,772,000 after buying an additional 741,837 shares in the last quarter. Hedge funds and other institutional investors own 75.76% of the company’s stock.

A number of brokerages have recently issued reports on WFC. Zacks Investment Research raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a report on Saturday, July 7th. Morgan Stanley dropped their target price on shares of Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating on the stock in a report on Monday, July 16th. Susquehanna Bancshares set a $63.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 13th. Macquarie cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods upgraded shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and upped their price target for the company from $57.00 to $63.00 in a research note on Sunday, July 15th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company. Wells Fargo & Co currently has an average rating of “Hold” and an average target price of $63.34.

In related news, EVP Hope A. Hardison sold 25,000 shares of Wells Fargo & Co stock in a transaction on Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the transaction, the executive vice president now owns 109 shares of the company’s stock, valued at $6,323.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Avid Modjtabai sold 100,000 shares of the firm’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

NYSE:WFC traded down $0.01 on Thursday, hitting $55.93. The company had a trading volume of 245,629 shares, compared to its average volume of 17,093,508. The company has a market cap of $279.89 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 1.55 and a beta of 1.12. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.88 and a quick ratio of 0.86. Wells Fargo & Co has a 52 week low of $50.26 and a 52 week high of $66.31.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Friday, July 13th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.12 by ($0.04). The business had revenue of $21.55 billion for the quarter, compared to the consensus estimate of $21.52 billion. Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. analysts expect that Wells Fargo & Co will post 4.56 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Saturday, September 1st. Stockholders of record on Friday, August 10th were paid a dividend of $0.43 per share. The ex-dividend date was Thursday, August 9th. This represents a $1.72 annualized dividend and a dividend yield of 3.08%. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.39. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 41.85%.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company’s Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

Further Reading: What is Compound Annual Growth Rate (CAGR)?

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

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