MAI Capital Management trimmed its position in shares of Wells Fargo (NYSE:WFC) by 5.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 210,948 shares of the financial services provider’s stock after selling 12,008 shares during the quarter. MAI Capital Management’s holdings in Wells Fargo were worth $12,798,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Heartland Advisors Inc. raised its holdings in shares of Wells Fargo by 3.9% in the second quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock worth $15,102,000 after acquiring an additional 10,318 shares during the last quarter. Carret Asset Management LLC raised its holdings in shares of Wells Fargo by 2.8% in the third quarter. Carret Asset Management LLC now owns 53,814 shares of the financial services provider’s stock worth $2,968,000 after acquiring an additional 1,446 shares during the last quarter. Western Standard LLC raised its holdings in shares of Wells Fargo by 96.8% in the third quarter. Western Standard LLC now owns 62,315 shares of the financial services provider’s stock worth $3,437,000 after acquiring an additional 30,653 shares during the last quarter. Personal Capital Advisors Corp raised its holdings in shares of Wells Fargo by 5.0% in the third quarter. Personal Capital Advisors Corp now owns 554,429 shares of the financial services provider’s stock worth $30,577,000 after acquiring an additional 26,614 shares during the last quarter. Finally, Sage Capital Advisors llc acquired a new position in shares of Wells Fargo in the second quarter worth $2,423,000. Institutional investors own 77.39% of the company’s stock.
In other news, Director Ronald Sargent purchased 9,000 shares of the company’s stock in a transaction on Monday, February 12th. The stock was bought at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the purchase, the director now directly owns 81 shares of the company’s stock, valued at approximately $4,534.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.22% of the company’s stock.
Shares of Wells Fargo stock opened at $55.90 on Monday. The company has a market capitalization of $272,666.44, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. Wells Fargo has a 12 month low of $49.27 and a 12 month high of $66.31.
Wells Fargo (NYSE:WFC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). The firm had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 earnings per share. sell-side analysts anticipate that Wells Fargo will post 4.72 EPS for the current fiscal year.
Wells Fargo announced that its Board of Directors has authorized a stock buyback program on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.56 annualized dividend and a yield of 2.79%. Wells Fargo’s dividend payout ratio is presently 38.33%.
A number of research firms have recently weighed in on WFC. Vetr raised Wells Fargo from a “sell” rating to a “hold” rating and set a $54.78 price target for the company in a report on Monday, February 12th. UBS set a $63.00 price target on Wells Fargo and gave the stock a “hold” rating in a report on Monday, February 5th. Vertical Group raised Wells Fargo from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. Keefe, Bruyette & Woods cut Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 price target for the company. in a report on Sunday, February 4th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $60.00 target price on shares of Wells Fargo in a research note on Monday, February 5th. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $62.90.
About Wells Fargo
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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