Alberta Investment Management Corp lifted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 23.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 105,100 shares of the financial services provider’s stock after purchasing an additional 19,800 shares during the quarter. Alberta Investment Management Corp’s holdings in Wells Fargo & Co were worth $3,016,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of WFC. Your Advocates Ltd. LLP acquired a new position in shares of Wells Fargo & Co during the 1st quarter worth $26,000. Evolution Wealth Advisors LLC grew its stake in shares of Wells Fargo & Co by 119.5% during the 4th quarter. Evolution Wealth Advisors LLC now owns 562 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 306 shares during the period. Howard Wealth Management LLC acquired a new position in shares of Wells Fargo & Co during the 4th quarter worth $35,000. Total Clarity Wealth Management Inc. acquired a new position in shares of Wells Fargo & Co during the 4th quarter worth $35,000. Finally, Wealth Quarterback LLC acquired a new position in shares of Wells Fargo & Co during the 4th quarter worth $35,000. 74.93% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on WFC. BMO Capital Markets lowered their price target on shares of Wells Fargo & Co from $37.00 to $35.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 15th. Robert W. Baird upgraded shares of Wells Fargo & Co from an “underperform” rating to a “neutral” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 28th. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Wednesday, April 15th. Morgan Stanley decreased their price objective on shares of Wells Fargo & Co from $49.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Monday, March 9th. Finally, Bank of America reiterated a “hold” rating and issued a $30.00 price objective on shares of Wells Fargo & Co in a research report on Wednesday. Six research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $38.93.
In other Wells Fargo & Co news, Director Charles H. Noski bought 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was purchased at an average price of $29.53 per share, with a total value of $590,600.00. Following the transaction, the director now owns 74 shares in the company, valued at $2,185.22. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Charles W. Scharf bought 173,000 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average cost of $28.69 per share, with a total value of $4,963,370.00. Following the transaction, the chief executive officer now owns 176,916 shares in the company, valued at approximately $5,075,720.04. The disclosure for this purchase can be found here. Corporate insiders own 0.09% of the company’s stock.
NYSE WFC opened at $24.17 on Friday. Wells Fargo & Co has a 12 month low of $22.00 and a 12 month high of $54.75. The company has a 50-day moving average of $27.22 and a 200-day moving average of $42.32. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.85. The company has a market cap of $100.29 billion, a P/E ratio of 7.74, a P/E/G ratio of 3.05 and a beta of 1.18.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.85). Wells Fargo & Co had a net margin of 14.52% and a return on equity of 9.28%. The company had revenue of $17.72 billion for the quarter, compared to analyst estimates of $19.40 billion. During the same period in the prior year, the company earned $1.20 EPS. The company’s revenue was down 18.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Wells Fargo & Co will post 0.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 8.44%. The ex-dividend date is Thursday, May 7th. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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