Rhumbline Advisers raised its stake in Wells Fargo (NYSE:WFC) by 1.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,994,345 shares of the financial services provider’s stock after purchasing an additional 116,800 shares during the quarter. Wells Fargo accounts for about 1.0% of Rhumbline Advisers’ portfolio, making the stock its 12th biggest position. Rhumbline Advisers’ holdings in Wells Fargo were worth $485,017,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently modified their holdings of WFC. Capital World Investors grew its holdings in shares of Wells Fargo by 10.8% in the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after acquiring an additional 10,927,679 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of Wells Fargo by 19.7% in the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after acquiring an additional 7,445,414 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Wells Fargo by 26.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock valued at $1,653,464,000 after acquiring an additional 6,291,906 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Wells Fargo by 396.3% in the second quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock valued at $326,655,000 after acquiring an additional 4,707,207 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Wells Fargo by 1.2% in the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after acquiring an additional 3,621,402 shares in the last quarter. 77.33% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Ronald Sargent purchased 9,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was purchased at an average cost of $55.98 per share, with a total value of $503,820.00. Following the completion of the acquisition, the director now directly owns 81 shares of the company’s stock, valued at $4,534.38. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.09% of the stock is owned by company insiders.
Wells Fargo stock opened at $50.89 on Friday. Wells Fargo has a one year low of $49.27 and a one year high of $66.31. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. The firm has a market capitalization of $257,057.64, a PE ratio of 12.38, a P/E/G ratio of 1.39 and a beta of 1.13.
Wells Fargo (NYSE:WFC) last posted its quarterly earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.05. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The firm had revenue of $21.93 billion during the quarter, compared to analyst estimates of $21.74 billion. During the same period last year, the company earned $1.00 earnings per share. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. analysts anticipate that Wells Fargo will post 4.69 EPS for the current fiscal year.
Wells Fargo declared that its board has approved a share buyback program on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
WFC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Wells Fargo in a report on Tuesday, January 16th. Vining Sparks reaffirmed a “buy” rating and issued a $75.00 target price on shares of Wells Fargo in a report on Monday, January 8th. Sandler O’Neill raised Wells Fargo from a “hold” rating to a “buy” rating and upped their target price for the company from $62.04 to $73.00 in a report on Tuesday, January 9th. Buckingham Research raised Wells Fargo from a “neutral” rating to a “buy” rating and upped their target price for the company from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Finally, Nomura reduced 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. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have assigned a buy rating to the stock. Wells Fargo currently has a consensus rating of “Hold” and an average target price of $61.79.
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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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