Leavell Investment Management Inc. reduced its position in shares of Wells Fargo & Co (NYSE:WFC) by 0.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 60,281 shares of the financial services provider’s stock after selling 536 shares during the quarter. Leavell Investment Management Inc.’s holdings in Wells Fargo & Co were worth $2,852,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Brand Asset Management Group Inc. grew its stake in shares of Wells Fargo & Co by 96.8% during the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 242 shares during the period. Orrstown Financial Services Inc. grew its stake in shares of Wells Fargo & Co by 125.9% during the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 287 shares during the period. Evolution Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Co during the 2nd quarter valued at about $25,000. Horan Capital Advisors LLC. bought a new stake in shares of Wells Fargo & Co during the 1st quarter valued at about $27,000. Finally, Nalls Sherbakoff Group LLC bought a new position in shares of Wells Fargo & Co during the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 75.37% of the company’s stock.

A number of research analysts recently issued reports on WFC shares. Citigroup upgraded Infosys from a “neutral” rating to a “buy” rating in a research note on Friday, July 12th. UBS Group cut their price objective on Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. JPMorgan Chase & Co. started coverage on Pinduoduo in a research note on Tuesday, July 9th. They set an “underweight” rating and a $20.48 price objective for the company. Macquarie set a €13.00 ($15.12) price objective on Deutsche Telekom and gave the company a “sell” rating in a research note on Wednesday, July 17th. Finally, Goldman Sachs Group downgraded Encana to a “buy” rating in a research note on Friday, April 12th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $51.12.

In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the transaction, the insider now directly owns 3,066 shares in the company, valued at approximately $142,599.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.08% of the company’s stock.

WFC stock opened at $48.28 on Tuesday. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $59.53. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The company has a market cap of $221.57 billion, a P/E ratio of 11.02, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08. The business has a 50 day simple moving average of $46.88.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The business had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. During the same period in the prior year, the company posted $0.98 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts predict that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 4.23%. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.

Wells Fargo & Co announced that its Board of Directors has initiated a stock buyback program on Thursday, June 27th that permits the company to buyback $23.10 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

Further Reading: What can cause a stock to outperform?

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

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.