Engineers Gate Manager LP cut its position in shares of Wells Fargo (NYSE:WFC) by 91.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,387 shares of the financial services provider’s stock after selling 47,696 shares during the quarter. Engineers Gate Manager LP’s holdings in Wells Fargo were worth $266,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Highstreet Asset Management Inc. lifted its stake in Wells Fargo by 76.9% during the fourth quarter. Highstreet Asset Management Inc. now owns 29,764 shares of the financial services provider’s stock valued at $1,806,000 after buying an additional 12,940 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Wells Fargo during the fourth quarter valued at about $1,054,000. ZWJ Investment Counsel Inc. lifted its stake in Wells Fargo by 6.2% during the fourth quarter. ZWJ Investment Counsel Inc. now owns 47,896 shares of the financial services provider’s stock valued at $2,906,000 after buying an additional 2,815 shares in the last quarter. Dividend Assets Capital LLC lifted its stake in Wells Fargo by 5.1% during the fourth quarter. Dividend Assets Capital LLC now owns 24,860 shares of the financial services provider’s stock valued at $1,508,000 after buying an additional 1,215 shares in the last quarter. Finally, Delphi Private Advisors LLC lifted its stake in Wells Fargo by 439.9% during the fourth quarter. Delphi Private Advisors LLC now owns 2,462 shares of the financial services provider’s stock valued at $149,000 after buying an additional 2,006 shares in the last quarter. 77.32% of the stock is owned by institutional investors.
In related news, Director Ronald Sargent purchased 9,000 shares of the stock in a transaction on Monday, February 12th. The shares were bought at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the acquisition, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.22% of the company’s stock.
WFC stock opened at $50.98 on Friday. Wells Fargo has a twelve month low of $49.27 and a twelve month high of $66.31. The company has a market capitalization of $267,252.16, a P/E ratio of 12.53, a P/E/G ratio of 1.43 and a beta of 1.08. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23.
Wells Fargo (NYSE:WFC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The firm had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. During the same quarter in the prior year, the company posted $0.96 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. analysts expect that Wells Fargo will post 4.72 EPS for the current fiscal year.
Wells Fargo declared that its Board of Directors has approved a stock 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. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Friday, February 2nd were issued a $0.39 dividend. The ex-dividend date was Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a yield of 3.06%. Wells Fargo’s dividend payout ratio is currently 38.33%.
A number of analysts have commented on the stock. Bank of America reduced their price objective on shares of Wells Fargo from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Monday, February 5th. Morgan Stanley downgraded Wells Fargo from an “equal weight” rating to an “underweight” rating in a report on Monday, February 5th. JPMorgan Chase & Co. downgraded Wells Fargo from a “neutral” rating to an “underweight” rating in a report on Monday, February 5th. Vining Sparks reiterated a “buy” rating and issued a $75.00 target price on shares of Wells Fargo in a report on Monday, January 8th. Finally, UBS set a $63.00 target price on Wells Fargo and gave the company a “hold” rating in a report on Monday, February 5th. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target 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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