OLD National Bancorp IN reduced its position in Wells Fargo (NYSE:WFC) by 3.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,904 shares of the financial services provider’s stock after selling 2,608 shares during the period. OLD National Bancorp IN’s holdings in Wells Fargo were worth $4,605,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. C WorldWide Group Holding A S increased its position in Wells Fargo by 1.2% during the fourth quarter. C WorldWide Group Holding A S now owns 6,054,609 shares of the financial services provider’s stock worth $367,333,000 after buying an additional 74,081 shares in the last quarter. KBC Group NV grew its position in shares of Wells Fargo by 7.4% in the fourth quarter. KBC Group NV now owns 1,274,029 shares of the financial services provider’s stock valued at $77,295,000 after purchasing an additional 87,260 shares during the period. Buckhead Capital Management LLC grew its position in shares of Wells Fargo by 6.7% in the fourth quarter. Buckhead Capital Management LLC now owns 98,356 shares of the financial services provider’s stock valued at $5,967,000 after purchasing an additional 6,150 shares during the period. Parkside Investments LLC purchased a new stake in shares of Wells Fargo in the fourth quarter valued at $201,000. Finally, Sigma Investment Management Co purchased a new stake in shares of Wells Fargo in the fourth quarter valued at $209,000. 77.33% of the stock is owned by institutional investors.
A number of brokerages have recently commented on WFC. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $57.00 price objective on shares of Wells Fargo in a research report on Thursday. Vetr raised Wells Fargo from a “sell” rating to a “hold” rating and set a $54.10 price objective for the company in a research report on Thursday. UBS raised Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Thursday. Morgan Stanley downgraded Wells Fargo from an “overweight” rating to an “underweight” rating and lowered their price objective for the company from $75.00 to $64.00 in a research report on Tuesday, February 6th. Finally, Atlantic Securities raised Wells Fargo from an “underweight” rating to a “neutral” rating and set a $64.00 price objective for the company in a research report on Wednesday, January 10th. Six equities 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 an average target price of $62.31.
In related news, Director Ronald Sargent acquired 9,000 shares of Wells Fargo 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 purchase, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.09% of the company’s stock.
Shares of WFC opened at $52.23 on Friday. The stock has a market cap of $258,081.95, a price-to-earnings ratio of 12.71, a P/E/G ratio of 1.39 and a beta of 1.13. Wells Fargo has a 12 month low of $49.27 and a 12 month high of $66.31. 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 (NYSE:WFC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). The company had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The company’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 firm earned $0.96 EPS. equities research analysts predict that Wells Fargo will post 4.69 earnings per share for the current fiscal year.
Wells Fargo declared that its Board of Directors has approved a share buyback program on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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Wells Fargo Company 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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