Outfitter Advisors LTD. decreased its holdings in shares of Wells Fargo (NYSE:WFC) by 8.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,435 shares of the financial services provider’s stock after selling 3,209 shares during the quarter. Outfitter Advisors LTD.’s holdings in Wells Fargo were worth $1,910,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Ashfield Capital Partners LLC grew its stake in Wells Fargo by 2.5% in the first quarter. Ashfield Capital Partners LLC now owns 100,270 shares of the financial services provider’s stock valued at $5,255,000 after purchasing an additional 2,433 shares in the last quarter. Chemical Bank purchased a new position in Wells Fargo in the fourth quarter valued at about $265,000. Ackerman Capital Advisors LLC purchased a new position in Wells Fargo in the fourth quarter valued at about $202,000. Fairfield Bush & CO. grew its stake in Wells Fargo by 6.8% in the fourth quarter. Fairfield Bush & CO. now owns 139,366 shares of the financial services provider’s stock valued at $8,455,000 after purchasing an additional 8,838 shares in the last quarter. Finally, Wagner Wealth Management LLC purchased a new position in Wells Fargo in the fourth quarter valued at about $328,000. Hedge funds and other institutional investors own 76.79% of the company’s stock.
NYSE WFC opened at $53.70 on Friday. Wells Fargo has a twelve month low of $49.27 and a twelve month high of $66.31. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.27. The stock has a market cap of $264.47 billion, a P/E ratio of 13.07, a price-to-earnings-growth ratio of 1.46 and a beta of 1.13.
Wells Fargo (NYSE:WFC) last posted its quarterly earnings data on Friday, April 13th. The financial services provider reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.05. Wells Fargo had a return on equity of 12.46% and a net margin of 22.80%. The business had revenue of $21.93 billion during the quarter, compared to analysts’ expectations of $21.74 billion. During the same quarter in the previous year, the firm earned $1.00 EPS. The firm’s revenue was down 1.4% compared to the same quarter last year. analysts expect that Wells Fargo will post 4.57 EPS for the current year.
Wells Fargo declared that its board has authorized a stock repurchase program on Tuesday, January 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 4th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $1.56 annualized dividend and a dividend yield of 2.91%. Wells Fargo’s dividend payout ratio is presently 37.96%.
A number of brokerages have commented on WFC. Morgan Stanley boosted their target price on Wells Fargo from $72.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. JPMorgan Chase downgraded Wells Fargo from a “neutral” rating to an “underweight” rating in a research note on Monday, February 5th. Royal Bank of Canada downgraded Wells Fargo from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. BMO Capital Markets reaffirmed a “hold” rating and issued a $60.00 price target on shares of Wells Fargo in a research report on Monday, February 5th. Finally, Citigroup cut Wells Fargo from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a research report on Monday, February 5th. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $61.83.
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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