Roanoke Asset Management Corp NY cut its position in Wells Fargo (NYSE:WFC) by 5.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,725 shares of the financial services provider’s stock after selling 2,546 shares during the quarter. Roanoke Asset Management Corp NY’s holdings in Wells Fargo were worth $2,774,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Wells Fargo in the second quarter valued at $1,095,000. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Wells Fargo by 0.3% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after buying an additional 6 shares in the last quarter. Cerebellum GP LLC acquired a new stake in shares of Wells Fargo in the fourth quarter valued at $132,000. Westside Investment Management Inc. grew its stake in shares of Wells Fargo by 63.9% in the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after buying an additional 891 shares in the last quarter. Finally, BKS Advisors LLC acquired a new stake in shares of Wells Fargo in the third quarter valued at $143,000. 77.39% of the stock is owned by institutional investors and hedge funds.
Shares of Wells Fargo (NYSE WFC) opened at $55.90 on Friday. The stock has a market capitalization of $281,030.00, a PE ratio of 15.48, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. 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 has a fifty-two week low of $49.27 and a fifty-two week high of $66.31.
Wells Fargo (NYSE:WFC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). The business had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $0.96 earnings per share. sell-side analysts predict that Wells Fargo will post 4.72 earnings per share for the current fiscal year.
Wells Fargo announced that its board has approved a share buyback program on Tuesday, January 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Thursday, February 1st. Wells Fargo’s dividend payout ratio (DPR) is 43.21%.
In other Wells Fargo news, Director Ronald Sargent purchased 9,000 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was bought at an average cost of $55.98 per share, with a total value of $503,820.00. Following the acquisition, the director now directly owns 81 shares of the company’s stock, valued at $4,534.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.22% of the stock is owned by insiders.
A number of equities research analysts have recently weighed in on the company. Morgan Stanley lifted their price objective on Wells Fargo from $72.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods lowered Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 target price for the company. in a report on Sunday, February 4th. Nomura decreased their target price on Wells Fargo from $79.00 to $76.00 and set a “buy” rating for the company in a report on Monday, February 5th. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 target price on shares of Wells Fargo in a report on Monday, February 5th. Finally, Citigroup lowered Wells Fargo from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a report on Monday, February 5th. Six analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $62.90.
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About Wells Fargo
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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