Wells Fargo & Company (NYSE:WFC) Shares Sold by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 8.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 144,722 shares of the financial services provider’s stock after selling 13,304 shares during the quarter. Point72 Hong Kong Ltd’s holdings in Wells Fargo & Company were worth $10,165,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of WFC. Brookstone Capital Management lifted its stake in Wells Fargo & Company by 10.8% during the 4th quarter. Brookstone Capital Management now owns 17,676 shares of the financial services provider’s stock valued at $1,242,000 after acquiring an additional 1,726 shares during the period. Cooper Financial Group lifted its stake in shares of Wells Fargo & Company by 22.1% in the 4th quarter. Cooper Financial Group now owns 5,615 shares of the financial services provider’s stock valued at $394,000 after purchasing an additional 1,017 shares during the period. Ignite Planners LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $255,000. Sovereign Financial Group Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $210,000. Finally, Accurate Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $582,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on WFC shares. Bank of America cut their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Citigroup cut their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Raymond James cut their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a report on Monday, April 14th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Finally, Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Monday, April 7th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $75.34.

Wells Fargo & Company Price Performance

Shares of WFC opened at $76.17 on Thursday. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The stock has a market cap of $247.87 billion, a PE ratio of 14.16, a P/E/G ratio of 1.18 and a beta of 1.13. The firm has a 50-day simple moving average of $69.24 and a two-hundred day simple moving average of $72.35. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 earnings per share. As a group, analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be issued a $0.40 dividend. The ex-dividend date is Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.10%. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

Wells Fargo & Company announced that its Board of Directors has authorized a stock buyback plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.