Miracle Mile Advisors LLC bought a new position in Wells Fargo (NYSE:WFC) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 172,300 shares of the financial services provider’s stock, valued at approximately $9,030,000. Wells Fargo comprises 1.0% of Miracle Mile Advisors LLC’s portfolio, making the stock its 23rd biggest position.
Several other institutional investors have also recently added to or reduced their stakes in WFC. Jackson Grant Investment Advisers Inc. increased its stake in Wells Fargo by 15.0% in the 4th quarter. Jackson Grant Investment Advisers Inc. now owns 6,387 shares of the financial services provider’s stock worth $388,000 after buying an additional 832 shares during the period. Benjamin F. Edwards & Company Inc. increased its stake in Wells Fargo by 4.2% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 21,386 shares of the financial services provider’s stock worth $1,297,000 after buying an additional 868 shares during the period. Milestone Group Inc. increased its stake in Wells Fargo by 13.3% in the 4th quarter. Milestone Group Inc. now owns 7,407 shares of the financial services provider’s stock worth $449,000 after buying an additional 868 shares during the period. Enterprise Financial Services Corp increased its stake in Wells Fargo by 22.0% in the 4th quarter. Enterprise Financial Services Corp now owns 4,892 shares of the financial services provider’s stock worth $297,000 after buying an additional 882 shares during the period. Finally, Heritage Wealth Advisors increased its stake in Wells Fargo by 3.3% in the 4th quarter. Heritage Wealth Advisors now owns 28,007 shares of the financial services provider’s stock worth $1,694,000 after buying an additional 892 shares during the period. Hedge funds and other institutional investors own 76.79% of the company’s stock.
NYSE WFC opened at $53.70 on Monday. 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 stock has a market cap of $261.94 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 1.45 and a beta of 1.13. Wells Fargo has a one year low of $49.27 and a one year high of $66.31.
Wells Fargo (NYSE:WFC) last posted its earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. The business had revenue of $21.93 billion for the quarter, compared to the consensus estimate of $21.74 billion. Wells Fargo had a net margin of 22.80% and a return on equity of 12.46%. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.00 EPS. equities research analysts expect that Wells Fargo will post 4.57 EPS for the current year.
Wells Fargo declared that its Board of Directors has initiated a share repurchase program on Tuesday, January 23rd that permits the company to repurchase 350,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Friday, May 4th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Thursday, May 3rd. Wells Fargo’s payout ratio is currently 37.96%.
Several research analysts recently commented on the stock. Sandler O’Neill reaffirmed a “buy” rating and issued a $64.00 price target on shares of Wells Fargo in a research note on Friday, April 13th. Bank of America reduced their price target on shares of Wells Fargo from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Monday, February 5th. Vetr raised shares of Wells Fargo from a “hold” rating to a “buy” rating and set a $54.10 price target on the stock in a research note on Wednesday, April 11th. Barclays reduced their price target on shares of Wells Fargo from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday, April 16th. Finally, Morgan Stanley downgraded shares of Wells Fargo from an “equal weight” rating to an “underweight” rating in a research note on Monday, February 5th. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $61.83.
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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