Regent Investment Management LLC reduced its position in Wells Fargo (NYSE:WFC) by 5.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,853 shares of the financial services provider’s stock after selling 825 shares during the period. Regent Investment Management LLC’s holdings in Wells Fargo were worth $840,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Wells Fargo by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock worth $17,440,601,000 after purchasing an additional 3,621,402 shares during the last quarter. Capital World Investors grew its position in shares of Wells Fargo by 10.8% in the 2nd quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after acquiring an additional 10,927,679 shares in the last quarter. Capital Research Global Investors grew its position in shares of Wells Fargo by 19.7% in the 2nd quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after acquiring an additional 7,445,414 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Wells Fargo by 17.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock worth $1,937,888,000 after acquiring an additional 5,305,125 shares in the last quarter. Finally, Davis Selected Advisers grew its position in shares of Wells Fargo by 1.4% in the 3rd quarter. Davis Selected Advisers now owns 26,335,478 shares of the financial services provider’s stock worth $1,451,064,000 after acquiring an additional 368,667 shares in the last quarter. 77.33% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE WFC opened at $52.23 on Friday. The stock has a market capitalization of $258,081.95, a price-to-earnings ratio of 12.71, a PEG ratio of 1.39 and a beta of 1.13. Wells Fargo has a one year low of $49.27 and a one year high of $66.31. 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 (NYSE:WFC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). The company had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.96 EPS. equities research analysts anticipate that Wells Fargo will post 4.69 EPS for the current fiscal year.
Wells Fargo declared that its board has approved a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
WFC has been the subject of several research reports. Morgan Stanley lifted their target price on Wells Fargo from $72.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Sandler O’Neill upgraded Wells Fargo from a “hold” rating to a “buy” rating and boosted their price objective for the company from $62.04 to $73.00 in a research report on Tuesday, January 9th. JPMorgan Chase lowered Wells Fargo from a “neutral” rating to an “underweight” rating in a research report on Monday, February 5th. Sanford C. Bernstein upgraded Wells Fargo from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $64.00 to $69.00 in a research report on Wednesday, January 3rd. Finally, Vetr upgraded Wells Fargo from a “strong sell” rating to a “sell” rating and set a $54.78 price target for the company in a research report on Monday, February 5th. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $62.31.
In other Wells Fargo news, Director Ronald Sargent acquired 9,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was acquired at an average price of $55.98 per share, with a total value of $503,820.00. Following the transaction, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.09% of the stock is currently owned by insiders.
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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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