Profund Advisors LLC lifted its holdings in Wells Fargo (NYSE:WFC) by 70.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 277,963 shares of the financial services provider’s stock after purchasing an additional 114,507 shares during the period. Wells Fargo makes up 0.7% of Profund Advisors LLC’s holdings, making the stock its 23rd biggest holding. Profund Advisors LLC’s holdings in Wells Fargo were worth $16,864,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of WFC. Rudman Errol M acquired a new position in Wells Fargo in the 4th quarter valued at $910,000. Huber Capital Management LLC grew its stake in shares of Wells Fargo by 13.7% during the 4th quarter. Huber Capital Management LLC now owns 273,900 shares of the financial services provider’s stock worth $16,618,000 after purchasing an additional 32,900 shares during the period. Moors & Cabot Inc. grew its stake in shares of Wells Fargo by 3.4% during the 4th quarter. Moors & Cabot Inc. now owns 47,432 shares of the financial services provider’s stock worth $2,873,000 after purchasing an additional 1,538 shares during the period. American Money Management LLC grew its stake in shares of Wells Fargo by 83.4% during the 4th quarter. American Money Management LLC now owns 108,706 shares of the financial services provider’s stock worth $6,595,000 after purchasing an additional 49,428 shares during the period. Finally, CWA Asset Management Group LLC grew its stake in Wells Fargo by 8.3% in the 4th quarter. CWA Asset Management Group LLC now owns 61,976 shares of the financial services provider’s stock valued at $3,760,000 after acquiring an additional 4,749 shares during the last quarter. Institutional investors own 76.79% of the company’s stock.
WFC has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Wells Fargo from a “hold” rating to a “sell” rating in a report on Monday, April 9th. Royal Bank of Canada lowered shares of Wells Fargo from an “outperform” rating to an “underperform” rating in a report on Monday, February 5th. BMO Capital Markets restated a “hold” rating and issued a $60.00 price target on shares of Wells Fargo in a report on Monday, February 5th. Keefe, Bruyette & Woods raised shares of Wells Fargo to a “buy” rating in a research report on Monday, April 30th. Finally, Citigroup downgraded shares of Wells Fargo from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a research report on Monday, February 5th. Six research 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. Wells Fargo currently has a consensus rating of “Hold” and an average target price of $61.83.
Wells Fargo stock opened at $54.22 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $267.06 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.48 and a beta of 1.13. Wells Fargo has a 52 week low of $54.54 and a 52 week high of $54.94.
Wells Fargo (NYSE:WFC) last issued its quarterly earnings results on Friday, April 13th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.05. Wells Fargo had a return on equity of 12.46% and a net margin of 22.80%. The business had revenue of $21.93 billion for the quarter, compared to analyst estimates of $21.74 billion. During the same quarter in the prior year, the firm posted $1.00 earnings per share. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. research analysts anticipate that Wells Fargo will post 4.57 earnings per share for the current year.
Wells Fargo declared that its board has authorized a stock repurchase 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 buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 4th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Thursday, May 3rd. Wells Fargo’s payout ratio is 37.96%.
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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