Kornitzer Capital Management Inc. KS lowered its position in Wells Fargo (NYSE:WFC) by 49.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 190,005 shares of the financial services provider’s stock after selling 183,615 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Wells Fargo were worth $11,528,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Capital World Investors grew its holdings in shares of Wells Fargo by 10.8% in the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after purchasing an additional 10,927,679 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of Wells Fargo by 19.7% in the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after purchasing an additional 7,445,414 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Wells Fargo by 26.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock worth $1,653,464,000 after purchasing an additional 6,291,906 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Wells Fargo by 396.3% in the second quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock worth $326,655,000 after purchasing an additional 4,707,207 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Wells Fargo by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock worth $17,440,601,000 after acquiring an additional 3,621,402 shares in the last quarter. 77.32% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have issued reports on the stock. Vetr upgraded shares of Wells Fargo from a “sell” rating to a “hold” rating and set a $54.78 target price on the stock in a report on Monday, February 12th. UBS set a $63.00 price target on shares of Wells Fargo and gave the company a “hold” rating in a report on Monday, February 5th. Vertical Group raised shares of Wells Fargo from a “sell” rating to a “buy” rating in a research report on Thursday, December 7th. Keefe, Bruyette & Woods lowered shares of Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 price objective for the company. in a research report on Sunday, February 4th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Wells Fargo in a research report on Monday, February 5th. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. Wells Fargo currently has an average rating of “Hold” and an average target price of $62.90.
In related news, Director Ronald Sargent acquired 9,000 shares of Wells Fargo stock in a transaction that occurred on Monday, February 12th. The shares were purchased at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the acquisition, the director now owns 81 shares in the company, valued at $4,534.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.22% of the stock is owned by insiders.
Shares of Wells Fargo (NYSE WFC) opened at $52.53 on Friday. Wells Fargo has a one year low of $49.27 and a one year high of $66.31. The stock has a market cap of $267,788.69, a price-to-earnings ratio of 12.91, a P/E/G ratio of 1.44 and a beta of 1.08. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23.
Wells Fargo (NYSE:WFC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. The company had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. During the same period in the prior year, the business posted $0.96 EPS. Wells Fargo’s revenue was up 2.2% compared to the same quarter last year. equities analysts expect that Wells Fargo will post 4.72 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.56 annualized dividend and a dividend yield of 2.97%. Wells Fargo’s dividend payout ratio is presently 38.33%.
Wells Fargo announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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Wells Fargo Company Profile
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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