Texas Permanent School Fund trimmed its stake in shares of Wells Fargo & Co (NYSE:WFC) by 2.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 1,209,845 shares of the financial services provider’s stock after selling 28,248 shares during the quarter. Wells Fargo & Co comprises about 0.9% of Texas Permanent School Fund’s portfolio, making the stock its 12th biggest holding. Texas Permanent School Fund’s holdings in Wells Fargo & Co were worth $73,401,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently modified their holdings of WFC. Heartland Advisors Inc. lifted its holdings in shares of Wells Fargo & Co by 3.9% in the second quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock valued at $15,102,000 after purchasing an additional 10,318 shares in the last quarter. Carret Asset Management LLC increased its position in shares of Wells Fargo & Co by 2.8% during the third quarter. Carret Asset Management LLC now owns 53,814 shares of the financial services provider’s stock valued at $2,968,000 after acquiring an additional 1,446 shares during the last quarter. Western Standard LLC increased its position in shares of Wells Fargo & Co by 96.8% during the third quarter. Western Standard LLC now owns 62,315 shares of the financial services provider’s stock valued at $3,437,000 after acquiring an additional 30,653 shares during the last quarter. Personal Capital Advisors Corp increased its position in shares of Wells Fargo & Co by 5.0% during the third quarter. Personal Capital Advisors Corp now owns 554,429 shares of the financial services provider’s stock valued at $30,577,000 after acquiring an additional 26,614 shares during the last quarter. Finally, Sage Capital Advisors llc purchased a new stake in shares of Wells Fargo & Co during the second quarter valued at approximately $2,423,000. 77.39% of the stock is owned by institutional investors and hedge funds.
Shares of Wells Fargo & Co (NYSE WFC) traded down $0.93 during mid-day trading on Wednesday, reaching $56.63. The company’s stock had a trading volume of 12,206,017 shares, compared to its average volume of 23,171,691. Wells Fargo & Co has a 1-year low of $49.27 and a 1-year high of $66.31. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. The stock has a market cap of $282,550.00, a price-to-earnings ratio of 15.69, a PEG ratio of 1.52 and a beta of 1.08.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the consensus estimate 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 company had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same period last year, the company earned $0.96 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. equities analysts anticipate that Wells Fargo & Co will post 4.72 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.75%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 43.21%.
Wells Fargo & Co announced that its Board of Directors has initiated a stock buyback program on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
WFC has been the subject of a number of recent research reports. Morgan Stanley raised their target price on Wells Fargo & Co from $72.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Sandler O’Neill upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and lifted their price target for the company from $62.04 to $73.00 in a research report on Tuesday, January 9th. JPMorgan Chase & Co. cut Wells Fargo & Co from a “neutral” rating to an “underweight” rating in a research report on Monday, February 5th. Sanford C. Bernstein raised Wells Fargo & Co from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $64.00 to $69.00 in a research note on Wednesday, January 3rd. Finally, Vetr raised Wells Fargo & Co from a “strong sell” rating to a “sell” rating and set a $54.78 price objective for the company in a research note on Monday, February 5th. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $62.90.
In other Wells Fargo & Co news, Director Ronald Sargent purchased 9,000 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was purchased at an average price of $55.98 per share, with a total value of $503,820.00. Following the acquisition, the director now owns 81 shares in the company, valued at $4,534.38. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.22% of the stock is owned by corporate insiders.
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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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