Macguire Cheswick & Tuttle Investment Counsel LLC trimmed its holdings in shares of Wells Fargo (NYSE:WFC) by 1.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 265,049 shares of the financial services provider’s stock after selling 4,900 shares during the period. Wells Fargo comprises 2.9% of Macguire Cheswick & Tuttle Investment Counsel LLC’s holdings, making the stock its 10th largest position. Macguire Cheswick & Tuttle Investment Counsel LLC’s holdings in Wells Fargo were worth $16,081,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in Wells Fargo by 1.2% during the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock worth $17,440,601,000 after buying an additional 3,621,402 shares during the last quarter. Capital World Investors grew its holdings in shares of Wells Fargo by 10.8% during the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after buying an additional 10,927,679 shares during the last quarter. Capital Research Global Investors boosted its holdings in Wells Fargo by 19.7% during 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 boosted its holdings in Wells Fargo by 17.8% during the third quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock worth $1,937,888,000 after purchasing an additional 5,305,125 shares during the last quarter. Finally, Davis Selected Advisers boosted its holdings in Wells Fargo by 1.4% during the third quarter. Davis Selected Advisers now owns 26,335,478 shares of the financial services provider’s stock worth $1,451,064,000 after purchasing an additional 368,667 shares during the last quarter. Institutional investors own 77.32% of the company’s stock.
Shares of Wells Fargo (NYSE WFC) traded down $0.02 during trading hours on Friday, hitting $52.51. The stock had a trading volume of 3,619,245 shares, compared to its average volume of 22,917,813. Wells Fargo has a 52-week low of $49.27 and a 52-week high of $66.31. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23. The stock has a market cap of $267,252.16, a price-to-earnings ratio of 12.91, a price-to-earnings-growth ratio of 1.43 and a beta of 1.08.
Wells Fargo (NYSE:WFC) last issued its 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). The company had revenue of $22.05 billion during 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 firm’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $0.96 earnings per share. analysts forecast that Wells Fargo will post 4.72 earnings per share for the current year.
Wells Fargo announced that its Board of Directors has initiated a stock buyback 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo’s payout ratio is currently 38.33%.
In related news, Director Ronald Sargent bought 9,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were acquired at an average price of $55.98 per share, with a total value of $503,820.00. Following the completion of the acquisition, the director now owns 81 shares in the company, valued at approximately $4,534.38. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.22% of the company’s stock.
WFC has been the topic of a number of research analyst reports. Vetr cut shares of Wells Fargo from a “strong-buy” rating to a “sell” rating and set a $55.47 target price on the stock. in a research note on Monday, January 8th. Sanford C. Bernstein raised shares of Wells Fargo from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $64.00 to $69.00 in a research note on Wednesday, January 3rd. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Wells Fargo in a research report on Tuesday, January 16th. Atlantic Securities upgraded shares of Wells Fargo from an “underweight” rating to a “neutral” rating and set a $64.00 price objective for the company in a report on Wednesday, January 10th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $59.00 price target on shares of Wells Fargo in a research note on Thursday, January 4th. 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. The stock currently has an average rating of “Hold” and an average price target of $62.90.
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.
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