Stewart & Patten Co. LLC decreased its position in shares of Wells Fargo (NYSE:WFC) by 2.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 264,058 shares of the financial services provider’s stock after selling 5,493 shares during the quarter. Wells Fargo comprises approximately 2.9% of Stewart & Patten Co. LLC’s investment portfolio, making the stock its 17th largest position. Stewart & Patten Co. LLC’s holdings in Wells Fargo were worth $16,020,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in WFC. Heartland Advisors Inc. increased its stake in shares of Wells Fargo by 3.9% in the 2nd quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock valued at $15,102,000 after acquiring an additional 10,318 shares in the last quarter. Carret Asset Management LLC increased its stake in shares of Wells Fargo by 2.8% in the 3rd 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 in the last quarter. Western Standard LLC increased its stake in shares of Wells Fargo by 96.8% in the 3rd 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 in the last quarter. Personal Capital Advisors Corp increased its stake in shares of Wells Fargo by 5.0% in the 3rd 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 in the last quarter. Finally, Sage Capital Advisors llc bought a new stake in shares of Wells Fargo in the 2nd quarter valued at $2,423,000. Hedge funds and other institutional investors own 77.39% of the company’s stock.
Wells Fargo (NYSE WFC) opened at $55.90 on Friday. 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 cap of $281,030.00, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. Wells Fargo has a fifty-two week low of $49.27 and a fifty-two week high of $66.31.
Wells Fargo (NYSE:WFC) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). The firm had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. Wells Fargo’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.96 earnings per share. sell-side analysts anticipate that Wells Fargo will post 4.72 earnings per share for the current fiscal year.
The company 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 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Thursday, February 1st. Wells Fargo’s dividend payout ratio is 43.21%.
Wells Fargo declared that its Board of Directors has authorized a share buyback program 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. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Several analysts have recently weighed in on the stock. Bank of America lowered their price objective on shares of Wells Fargo from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Monday, February 5th. Morgan Stanley lowered shares of Wells Fargo from an “equal weight” rating to an “underweight” rating in a research note on Monday, February 5th. JPMorgan Chase & Co. lowered shares of Wells Fargo from a “neutral” rating to an “underweight” rating in a research note on Monday, February 5th. Vining Sparks restated a “buy” rating and set a $75.00 price target on shares of Wells Fargo in a research note on Monday, January 8th. Finally, UBS set a $63.00 price target on shares of Wells Fargo and gave the company a “hold” rating in a research note on Monday, February 5th. Six investment 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 company currently has an average rating of “Hold” and an average price target of $62.90.
In other news, Director Ronald Sargent acquired 9,000 shares of the business’s stock in a transaction on Monday, February 12th. The shares were purchased at an average cost of $55.98 per share, with a total value of $503,820.00. Following the acquisition, 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 available through this link. 0.22% of the stock is owned by insiders.
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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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