First Citizens Bank & Trust Co. lessened its position in shares of Wells Fargo & Co (NYSE:WFC) by 9.3% during the 4th quarter, Holdings Channel reports. The firm owned 93,832 shares of the financial services provider’s stock after selling 9,621 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Wells Fargo & Co were worth $5,693,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of the business. Stelac Advisory Services LLC acquired a new position in shares of Wells Fargo & Co in the 2nd quarter valued at about $104,000. Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of Wells Fargo & Co by 0.3% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after buying an additional 6 shares during the period. Westside Investment Management Inc. lifted its holdings in shares of Wells Fargo & Co by 63.9% in the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after buying an additional 891 shares during the period. BKS Advisors LLC acquired a new position in shares of Wells Fargo & Co in the 3rd quarter valued at about $143,000. Finally, BDO Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Co in the 2nd quarter valued at about $151,000. Institutional investors and hedge funds own 75.69% of the company’s stock.
In other Wells Fargo & Co news, insider Michael J. Loughlin sold 17,482 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $57.80, for a total transaction of $1,010,459.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ronald Sargent bought 9,000 shares of Wells Fargo & Co stock in a transaction on Monday, February 12th. The shares were purchased at an average cost of $55.98 per share, with a total value of $503,820.00. Following the acquisition, the director now directly owns 81 shares of the company’s stock, valued at $4,534.38. The disclosure for this purchase can be found here. Insiders have sold 184,482 shares of company stock valued at $10,471,050 in the last three months. Insiders own 0.22% of the company’s stock.
Several equities analysts have recently issued reports on WFC shares. Vetr cut Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $52.91 price objective for the company. in a report on Monday, October 23rd. Royal Bank of Canada reissued a “buy” rating and issued a $60.00 price objective on shares of Wells Fargo & Co in a report on Wednesday, November 15th. Vertical Group raised Wells Fargo & Co from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. Zacks Investment Research raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Tuesday, December 19th. Finally, Buckingham Research raised Wells Fargo & Co from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Six analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company. Wells Fargo & Co currently has a consensus rating of “Hold” and a consensus price target of $62.90.
Wells Fargo & Co (NYSE:WFC) opened at $59.95 on Tuesday. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $66.31. The company has a market capitalization of $295,210.00, a P/E ratio of 17.38, a price-to-earnings-growth ratio of 1.57 and a beta of 1.01. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23.
Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The firm had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. During the same period in the previous year, the company earned $0.96 EPS. Wells Fargo & Co’s revenue was up 2.2% compared to the same quarter last year. equities research analysts expect that Wells Fargo & Co will post 4.72 EPS for the current fiscal year.
Wells Fargo & Co declared that its Board of Directors has approved a share repurchase plan on Tuesday, January 23rd that permits the company to buyback 350,000,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.60%. Wells Fargo & Co’s payout ratio is currently 45.22%.
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About Wells Fargo & Co
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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