Schmidt P J Investment Management Inc. trimmed its stake in Wells Fargo (NYSE:WFC) by 4.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,919 shares of the financial services provider’s stock after selling 2,107 shares during the period. Schmidt P J Investment Management Inc.’s holdings in Wells Fargo were worth $3,029,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of WFC. Beach Investment Management LLC. purchased a new stake in shares of Wells Fargo in the 2nd quarter worth about $1,010,000. Private Harbour Investment Management & Counsel LLC lifted its position in shares of Wells Fargo by 1.3% in the 2nd quarter. Private Harbour Investment Management & Counsel LLC now owns 29,792 shares of the financial services provider’s stock worth $1,651,000 after purchasing an additional 375 shares during the period. Capital Planning Advisors LLC lifted its position in shares of Wells Fargo by 24.6% in the 2nd quarter. Capital Planning Advisors LLC now owns 25,898 shares of the financial services provider’s stock worth $1,435,000 after purchasing an additional 5,120 shares during the period. Knights of Columbus Asset Advisors LLC lifted its position in shares of Wells Fargo by 9.9% in the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 72,450 shares of the financial services provider’s stock worth $4,014,000 after purchasing an additional 6,500 shares during the period. Finally, Sage Capital Advisors llc purchased a new stake in shares of Wells Fargo in the 2nd quarter worth about $2,423,000. 77.32% of the stock is owned by hedge funds and other institutional investors.
Shares of Wells Fargo (NYSE:WFC) opened at $55.48 on Tuesday. The firm has a market cap of $272,666.44, a PE ratio of 13.63, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. Wells Fargo has a 12 month low of $49.27 and a 12 month high of $66.31.
Wells Fargo (NYSE:WFC) last released its quarterly earnings data 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). The firm had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.96 earnings per share. equities research analysts predict that Wells Fargo will post 4.72 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders 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 dividend yield of 2.81%. The ex-dividend date was Thursday, February 1st. Wells Fargo’s payout ratio is presently 38.33%.
Wells Fargo announced that its Board of Directors has initiated a share repurchase plan on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
WFC has been the subject of several research reports. Vertical Group upgraded shares of Wells Fargo from a “sell” rating to a “buy” rating in a research note on Thursday, December 7th. Zacks Investment Research upgraded shares of Wells Fargo from a “sell” rating to a “hold” rating in a research note on Tuesday, December 19th. Buckingham Research upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and increased their price target for the stock from $57.00 to $75.00 in a research note on Thursday, December 21st. They noted that the move was a valuation call. Barclays increased their price target on shares of Wells Fargo from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Sanford C. Bernstein upgraded shares of Wells Fargo from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $64.00 to $69.00 in a research note on Wednesday, January 3rd. Six investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $62.90.
In related news, Director Ronald Sargent purchased 9,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were purchased at an average price of $55.98 per share, with a total value of $503,820.00. Following the acquisition, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.22% of the company’s stock.
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Wells Fargo Profile
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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