Hennessy Advisors Inc. lowered its position in shares of Wells Fargo & Co (NYSE:WFC) by 35.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,000 shares of the financial services provider’s stock after selling 6,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Wells Fargo & Co were worth $667,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Beach Investment Management LLC. acquired a new position in Wells Fargo & Co in the 2nd quarter valued at approximately $1,010,000. Giverny Capital Inc. boosted its holdings in Wells Fargo & Co by 1.3% in the 2nd quarter. Giverny Capital Inc. now owns 523,628 shares of the financial services provider’s stock valued at $29,014,000 after purchasing an additional 6,612 shares during the period. Investment Management of Virginia LLC boosted its holdings in Wells Fargo & Co by 0.9% in the 2nd quarter. Investment Management of Virginia LLC now owns 155,779 shares of the financial services provider’s stock valued at $8,632,000 after purchasing an additional 1,347 shares during the period. Cooke & Bieler LP boosted its holdings in Wells Fargo & Co by 9.5% in the 2nd quarter. Cooke & Bieler LP now owns 1,742,335 shares of the financial services provider’s stock valued at $96,543,000 after purchasing an additional 150,747 shares during the period. Finally, Richard Bernstein Advisors LLC acquired a new position in shares of Wells Fargo & Co in the 2nd quarter valued at $2,958,000. Institutional investors own 77.39% of the company’s stock.
A number of brokerages have commented on WFC. Morgan Stanley increased their price objective on shares of Wells Fargo & Co from $72.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods downgraded shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating and set a $63.00 target price on the stock. in a report on Sunday, February 4th. Nomura lowered their price objective on shares of Wells Fargo & Co from $79.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, February 5th. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price objective on shares of Wells Fargo & Co in a report on Monday, February 5th. Finally, Citigroup downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and set a $65.00 target price on the stock. in a report 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 company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $62.90.
In related news, Director Ronald Sargent acquired 9,000 shares of the stock in a transaction dated Monday, February 12th. The stock was acquired at an average cost of $55.98 per share, with a total value of $503,820.00. Following the purchase, the director now directly owns 81 shares of the company’s stock, valued at $4,534.38. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.22% of the stock is currently owned by corporate insiders.
Wells Fargo & Co (WFC) traded down $0.93 during trading on Wednesday, reaching $56.63. The company had a trading volume of 12,134,944 shares, compared to its average volume of 23,129,814. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. The stock has a market capitalization of $282,550.00, a PE ratio of 15.79, a PEG ratio of 1.52 and a beta of 1.08. Wells Fargo & Co has a 12 month low of $49.27 and a 12 month high of $66.31.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The business had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. During the same period last year, the company earned $0.96 EPS. The business’s revenue was up 2.2% on a year-over-year basis. equities research analysts anticipate that Wells Fargo & Co will post 4.72 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Friday, February 2nd were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Co’s payout ratio is presently 43.21%.
Wells Fargo & Co announced that its Board of Directors has authorized a stock repurchase program on Tuesday, January 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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Wells Fargo & Co Profile
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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