Timber Hill LLC bought a new position in shares of Wells Fargo (NYSE:WFC) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 64,485 shares of the financial services provider’s stock, valued at approximately $3,912,000.
Several other large investors also recently made changes to their positions in WFC. Westside Investment Management Inc. increased its holdings in shares of Wells Fargo by 63.9% during the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after buying an additional 891 shares in the last quarter. Cerebellum GP LLC acquired a new stake in Wells Fargo in the fourth quarter valued at $132,000. BKS Advisors LLC acquired a new stake in Wells Fargo in the third quarter valued at $143,000. Delphi Private Advisors LLC increased its holdings in Wells Fargo by 439.9% in the fourth quarter. Delphi Private Advisors LLC now owns 2,462 shares of the financial services provider’s stock valued at $149,000 after purchasing an additional 2,006 shares during the period. Finally, Crewe Advisors LLC acquired a new stake in Wells Fargo in the fourth quarter valued at $162,000. Institutional investors own 77.29% of the company’s stock.
WFC has been the subject of a number of recent research reports. UBS upgraded Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Thursday, April 5th. Vetr downgraded Wells Fargo from a “strong-buy” rating to a “sell” rating and set a $55.47 price objective for the company. in a report on Monday, January 8th. Sanford C. Bernstein upgraded Wells Fargo from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $64.00 to $69.00 in a report on Wednesday, January 3rd. Morgan Stanley decreased their price objective on Wells Fargo from $64.00 to $60.00 and set an “underweight” rating for the company in a report on Monday. Finally, Keefe, Bruyette & Woods restated a “buy” rating on shares of Wells Fargo in a report on Tuesday, January 16th. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $61.31.
Shares of WFC opened at $51.54 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. The firm has a market cap of $246,668.02, a price-to-earnings ratio of 12.54, a PEG ratio of 1.36 and a beta of 1.13. Wells Fargo has a 12 month low of $49.27 and a 12 month 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 12.44%. 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 predict that Wells Fargo will post 4.6 EPS for the current year.
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.
In related news, Director Ronald Sargent acquired 9,000 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were bought at an average price of $55.98 per share, with a total value of $503,820.00. Following the transaction, the director now directly owns 81 shares of the company’s stock, valued at $4,534.38. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.09% of the stock is owned by corporate insiders.
About Wells Fargo
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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