Westpac Banking Corp boosted its position in Wells Fargo & Co (NYSE:WFC) by 3.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 538,841 shares of the financial services provider’s stock after acquiring an additional 19,580 shares during the period. Westpac Banking Corp’s holdings in Wells Fargo & Co were worth $28,241,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Delpha Capital Management LLC acquired a new position in shares of Wells Fargo & Co in the 4th quarter valued at $103,000. Stelac Advisory Services LLC acquired a new position in shares of Wells Fargo & Co in the 4th quarter valued at $109,000. Santori & Peters Inc. acquired a new position in shares of Wells Fargo & Co in the 4th quarter valued at $110,000. Cerebellum GP LLC acquired a new position in shares of Wells Fargo & Co in the 4th quarter valued at $132,000. Finally, BKS Advisors LLC acquired a new position in shares of Wells Fargo & Co in the 3rd quarter valued at $143,000. 76.18% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Petros G. Pelos sold 25,567 shares of Wells Fargo & Co stock in a transaction on Thursday, May 24th. The shares were sold at an average price of $54.76, for a total transaction of $1,400,048.92. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.09% of the company’s stock.
A number of brokerages have weighed in on WFC. Keefe, Bruyette & Woods upgraded shares of Wells Fargo & Co to a “buy” rating in a report on Monday, April 30th. Morgan Stanley decreased their price target on shares of Wells Fargo & Co from $60.00 to $57.00 and set an “underweight” rating on the stock in a report on Monday, April 30th. Macquarie upgraded shares of Wells Fargo & Co from an “underperform” rating to an “outperform” rating in a report on Monday, April 30th. Susquehanna Bancshares set a $58.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Monday, April 23rd. Finally, Barclays reduced their target price on shares of Wells Fargo & Co from $71.00 to $66.00 and set an “overweight” rating on the stock in a report on Monday, April 16th. Six 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. Wells Fargo & Co has an average rating of “Hold” and a consensus target price of $61.83.
Wells Fargo & Co opened at $54.90 on Friday, Marketbeat reports. Wells Fargo & Co has a 12-month low of $49.27 and a 12-month high of $66.31. The firm has a market cap of $274.03 billion, a P/E ratio of 13.36, a PEG ratio of 1.52 and a beta of 1.13. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.27.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Friday, April 13th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.05. Wells Fargo & Co had a net margin of 22.80% and a return on equity of 12.46%. The firm had revenue of $21.93 billion for the quarter, compared to the consensus estimate of $21.74 billion. During the same quarter in the previous year, the firm posted $1.00 EPS. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. equities analysts expect that Wells Fargo & Co will post 4.57 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 4th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Thursday, May 3rd. Wells Fargo & Co’s dividend payout ratio (DPR) is 37.96%.
About Wells Fargo & Co
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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