Providence Capital Advisors LLC lifted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 15,734.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 54,155 shares of the financial services provider’s stock after purchasing an additional 53,813 shares during the quarter. Wells Fargo & Co accounts for 1.5% of Providence Capital Advisors LLC’s holdings, making the stock its 25th biggest holding. Providence Capital Advisors LLC’s holdings in Wells Fargo & Co were worth $2,563,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Grove Bank & Trust raised its stake in Wells Fargo & Co by 1.5% during the first quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock valued at $710,000 after buying an additional 214 shares during the last quarter. Gilbert & Cook Inc. increased its position in shares of Wells Fargo & Co by 0.6% in the second quarter. Gilbert & Cook Inc. now owns 40,447 shares of the financial services provider’s stock valued at $1,914,000 after buying an additional 225 shares in the last quarter. Legacy Bridge LLC increased its position in shares of Wells Fargo & Co by 1.2% in the first quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock valued at $928,000 after buying an additional 230 shares in the last quarter. Telos Capital Management Inc. raised its stake in shares of Wells Fargo & Co by 4.3% during the 1st quarter. Telos Capital Management Inc. now owns 5,624 shares of the financial services provider’s stock worth $272,000 after buying an additional 234 shares during the last quarter. Finally, Brand Asset Management Group Inc. raised 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 worth $31,000 after buying an additional 242 shares during the last quarter. Institutional investors own 75.40% of the company’s stock.

Shares of WFC traded up $0.53 during mid-day trading on Wednesday, reaching $48.84. 15,963,995 shares of the stock traded hands, compared to its average volume of 17,500,592. The stock has a fifty day simple moving average of $46.47 and a 200 day simple moving average of $47.26. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $57.56. 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 firm has a market cap of $213.30 billion, a price-to-earnings ratio of 11.15, a P/E/G ratio of 0.94 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The business’s revenue was up .1% on a year-over-year basis. During the same period last year, the business earned $0.98 EPS. On average, equities research analysts expect that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.

Wells Fargo & Co declared that its board has authorized a stock buyback plan on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were given a dividend of $0.51 per share. The ex-dividend date was Thursday, August 8th. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 dividend on an annualized basis and a yield of 4.18%. Wells Fargo & Co’s payout ratio is presently 46.58%.

A number of brokerages recently commented on WFC. Buckingham Research lowered their price objective on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Morgan Stanley decreased their price objective on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 17th. UBS Group lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $51.00 to $49.00 in a research report on Tuesday. JPMorgan Chase & Co. cut their target price on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th. Finally, Wolfe Research lowered shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Five research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $51.00.

Wells Fargo & Co Company Profile

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.

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

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