First Citizens Bank & Trust Co. Buys 4,647 Shares of Wells Fargo & Company (NYSE:WFC)

First Citizens Bank & Trust Co. increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,269 shares of the financial services provider’s stock after buying an additional 4,647 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Wells Fargo & were worth $5,722,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Harris Associates L P raised its position in shares of Wells Fargo & by 1.2% in the first quarter. Harris Associates L P now owns 23,796,125 shares of the financial services provider’s stock worth $1,324,492,000 after acquiring an additional 286,710 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Wells Fargo & by 3.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 14,311,805 shares of the financial services provider’s stock worth $796,596,000 after acquiring an additional 423,113 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Wells Fargo & by 0.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,415,854 shares of the financial services provider’s stock worth $746,726,000 after acquiring an additional 93,236 shares during the period. Hotchkis & Wiley Capital Management LLC raised its position in shares of Wells Fargo & by 49.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 9,713,557 shares of the financial services provider’s stock worth $540,657,000 after acquiring an additional 3,214,592 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of Wells Fargo & by 1.6% in the first quarter. AQR Capital Management LLC now owns 9,588,696 shares of the financial services provider’s stock worth $533,707,000 after acquiring an additional 149,538 shares during the period. 75.19% of the stock is currently owned by institutional investors.

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Several research analysts recently weighed in on the stock. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $50.00 price objective (down previously from $52.00) on shares of Wells Fargo & in a research note on Wednesday. Vetr cut shares of Wells Fargo & from a “buy” rating to a “sell” rating and set a $48.62 price objective for the company. in a research note on Wednesday. UBS AG reaffirmed a “neutral” rating and set a $56.00 price objective (down previously from $59.00) on shares of Wells Fargo & in a research note on Friday. BidaskClub raised shares of Wells Fargo & from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. Finally, BMO Capital Markets raised shares of Wells Fargo & from an “underperform” rating to a “market perform” rating and dropped their price target for the company from $50.00 to $47.00 in a research note on Monday, July 31st. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Wells Fargo & presently has an average rating of “Hold” and an average price target of $55.85.

Shares of Wells Fargo & Company (WFC) opened at 51.66 on Friday. The stock has a market cap of $256.44 billion, a P/E ratio of 12.72 and a beta of 0.96. Wells Fargo & Company has a one year low of $43.55 and a one year high of $59.99. The stock has a 50 day moving average of $51.92 and a 200 day moving average of $54.04.

Wells Fargo & (NYSE:WFC) last released its earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The firm had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. During the same quarter in the previous year, the business posted $1.01 EPS. The business’s quarterly revenue was up .2% compared to the same quarter last year. Equities analysts expect that Wells Fargo & Company will post $4.16 EPS for the current fiscal year.

Wells Fargo & declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 4th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, August 2nd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.02%. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio is currently 38.42%.

About Wells Fargo &

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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

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