Viking Fund Management LLC Purchases 2,000 Shares of Wells Fargo & Company (NYSE:WFC)

Viking Fund Management LLC boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.7% during the second quarter, Holdings Channel reports. The fund owned 56,000 shares of the financial services provider’s stock after buying an additional 2,000 shares during the period. Viking Fund Management LLC’s holdings in Wells Fargo & were worth $3,103,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of WFC. Dodge & Cox purchased a new position in shares of Wells Fargo & during the fourth quarter worth approximately $3,942,119,000. Norges Bank purchased a new position in shares of Wells Fargo & during the fourth quarter worth approximately $2,800,566,000. 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 buying an additional 286,710 shares during the last quarter. 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 buying an additional 423,113 shares during the last quarter. Finally, 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 buying an additional 93,236 shares during the last quarter. Institutional investors and hedge funds own 75.85% of the company’s stock.

Shares of Wells Fargo & Company (WFC) traded down 0.02% during trading on Friday, reaching $51.94. The company’s stock had a trading volume of 14,714,450 shares. Wells Fargo & Company has a 12 month low of $43.55 and a 12 month high of $59.99. The firm has a market cap of $257.83 billion, a PE ratio of 12.79 and a beta of 0.95. The company’s 50 day moving average price is $54.25 and its 200 day moving average price is $55.00.

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Wells Fargo & (NYSE:WFC) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $22.23 billion. During the same quarter in the previous year, the company posted $1.01 EPS. The business’s revenue was up .2% on a year-over-year basis. On average, equities analysts predict that Wells Fargo & Company will post $4.17 earnings per share for the current year.

Wells Fargo & announced that its board has approved a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Wednesday, August 2nd. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s payout ratio is 38.42%.

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WFC has been the subject of a number of recent research reports. Berenberg Bank lowered Wells Fargo & from a “hold” rating to a “sell” rating and upped their target price for the company from $35.00 to $45.00 in a research note on Friday, July 21st. Vining Sparks upgraded Wells Fargo & to a “strong-buy” rating and set a $65.00 target price for the company in a research note on Thursday, April 27th. Evercore ISI reiterated an “outperform” rating and set a $64.00 price objective on shares of Wells Fargo & in a research note on Tuesday, April 18th. Keefe, Bruyette & Woods reiterated an “overweight” rating on shares of Wells Fargo & in a research note on Thursday, July 13th. Finally, Buckingham Research reiterated a “neutral” rating and set a $62.00 price objective (up from $60.00) on shares of Wells Fargo & in a research note on Monday, July 10th. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $55.87.

In other Wells Fargo & news, insider Mary T. Mack sold 38,988 shares of the company’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $52.58, for a total value of $2,049,989.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Petros G. Pelos sold 24,708 shares of the company’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $54.07, for a total value of $1,335,961.56. The disclosure for this sale can be found here. Insiders sold a total of 131,278 shares of company stock worth $6,940,120 in the last quarter. Corporate insiders own 0.22% of the company’s stock.

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Wells Fargo & Company Profile

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.

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

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