Chevy Chase Trust Holdings Inc. lifted its position in shares of Wells Fargo & Co (NYSE:WFC) by 0.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,935,325 shares of the financial services provider’s stock after buying an additional 12,905 shares during the quarter. Wells Fargo & Co comprises about 1.0% of Chevy Chase Trust Holdings Inc.’s holdings, making the stock its 16th largest position. Chevy Chase Trust Holdings Inc. owned 0.08% of Wells Fargo & Co worth $217,033,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Alyeska Investment Group L.P. acquired a new stake in Wells Fargo & Co in the third quarter worth $40,775,000. Sand Hill Global Advisors LLC grew its holdings in Wells Fargo & Co by 45.4% in the third quarter. Sand Hill Global Advisors LLC now owns 29,123 shares of the financial services provider’s stock worth $1,606,000 after purchasing an additional 9,089 shares during the period. Taurus Asset Management LLC grew its holdings in Wells Fargo & Co by 6.3% in the third quarter. Taurus Asset Management LLC now owns 240,963 shares of the financial services provider’s stock worth $13,289,000 after purchasing an additional 14,350 shares during the period. Carret Asset Management LLC grew its holdings in Wells Fargo & Co by 2.8% in the third quarter. Carret Asset Management LLC now owns 53,814 shares of the financial services provider’s stock worth $2,968,000 after purchasing an additional 1,446 shares during the period. Finally, Glovista Investments LLC grew its holdings in Wells Fargo & Co by 58.3% in the third quarter. Glovista Investments LLC now owns 13,745 shares of the financial services provider’s stock worth $758,000 after purchasing an additional 5,061 shares during the period. Institutional investors own 76.20% of the company’s stock.
A number of equities research analysts have commented on WFC shares. Sandler O’Neill upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and raised their price target for the stock from $62.04 to $73.00 in a report on Tuesday, January 9th. Sanford C. Bernstein upgraded shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $64.00 to $69.00 in a report on Wednesday, January 3rd. Vertical Group upgraded shares of Wells Fargo & Co from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. JPMorgan Chase & Co. cut shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating in a report on Monday, February 5th. Finally, Royal Bank of Canada raised their price target on shares of Wells Fargo & Co to $65.00 and gave the stock an “outperform” rating in a report on Tuesday, January 16th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $76.34.
Wells Fargo & Co (NYSE:WFC) opened at $56.13 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23. 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 $280,040.00, a PE ratio of 13.59, a P/E/G ratio of 1.45 and a beta of 1.01.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The firm had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same period in the previous year, the business earned $0.96 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. research analysts predict that Wells Fargo & Co will post 4.72 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Friday, February 2nd will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date is Thursday, February 1st. Wells Fargo & Co’s payout ratio is currently 37.77%.
Wells Fargo & Co declared that its board has authorized a share repurchase plan on Tuesday, January 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Michael J. Loughlin sold 17,482 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $57.80, for a total transaction of $1,010,459.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Richard Levy sold 97,000 shares of the firm’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $56.47, for a total transaction of $5,477,590.00. The disclosure for this sale can be found here. Insiders have sold 184,482 shares of company stock worth $10,471,050 over the last three months. 0.22% of the stock is owned by insiders.
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Wells Fargo & Co Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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