Lee Danner & Bass Inc. increased its holdings in Wells Fargo (NYSE:WFC) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 94,093 shares of the financial services provider’s stock after purchasing an additional 3,736 shares during the quarter. Lee Danner & Bass Inc.’s holdings in Wells Fargo were worth $4,931,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. FTB Advisors Inc. grew its stake in shares of Wells Fargo by 3.8% in the first quarter. FTB Advisors Inc. now owns 30,904 shares of the financial services provider’s stock worth $1,600,000 after purchasing an additional 1,127 shares during the last quarter. Grisanti Capital Management LLC grew its stake in shares of Wells Fargo by 8.3% in the first quarter. Grisanti Capital Management LLC now owns 296,505 shares of the financial services provider’s stock worth $15,540,000 after purchasing an additional 22,690 shares during the last quarter. Hennessy Advisors Inc. grew its stake in shares of Wells Fargo by 36.4% in the first quarter. Hennessy Advisors Inc. now owns 15,000 shares of the financial services provider’s stock worth $786,000 after purchasing an additional 4,000 shares during the last quarter. Albert D Mason Inc. bought a new stake in shares of Wells Fargo in the first quarter worth $244,000. Finally, Ashfield Capital Partners LLC grew its stake in shares of Wells Fargo by 2.5% in the first quarter. Ashfield Capital Partners LLC now owns 100,270 shares of the financial services provider’s stock worth $5,255,000 after purchasing an additional 2,433 shares during the last quarter. 76.79% of the stock is currently owned by institutional investors.
Several analysts recently weighed in on WFC shares. Morgan Stanley boosted their price objective on shares of Wells Fargo from $72.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods cut shares of Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 price objective on the stock. in a research note on Sunday, February 4th. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price objective on shares of Wells Fargo in a research note on Monday, February 5th. Citigroup cut shares of Wells Fargo from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research report on Monday, February 5th. Finally, Royal Bank of Canada cut shares of Wells Fargo from an “outperform” rating to an “underperform” rating in a research report on Monday, February 5th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $61.83.
Wells Fargo opened at $53.70 on Friday, Marketbeat Ratings reports. The stock has a market cap of $264.47 billion, a PE ratio of 13.07, a P/E/G ratio of 1.46 and a beta of 1.13. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.27. Wells Fargo has a 1 year low of $49.27 and a 1 year high of $66.31.
Wells Fargo (NYSE:WFC) last released its quarterly earnings data on Friday, April 13th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.05. The company had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $21.74 billion. Wells Fargo had a net margin of 22.80% and a return on equity of 12.46%. The business’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.00 EPS. sell-side analysts expect that Wells Fargo will post 4.57 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Friday, May 4th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.91%. Wells Fargo’s dividend payout ratio (DPR) is presently 37.96%.
Wells Fargo declared that its board has initiated a share buyback program on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Wells Fargo 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.
Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo (NYSE:WFC).
Receive News & Ratings for Wells Fargo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo and related companies with MarketBeat.com's FREE daily email newsletter.