Wells Fargo (WFC) Stake Lifted by Inverness Counsel LLC NY

Inverness Counsel LLC NY increased its stake in Wells Fargo (NYSE:WFC) by 352.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,835 shares of the financial services provider’s stock after acquiring an additional 33,375 shares during the period. Inverness Counsel LLC NY’s holdings in Wells Fargo were worth $2,245,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of WFC. Manning & Napier Advisors LLC boosted its holdings in shares of Wells Fargo by 1.4% in the third quarter. Manning & Napier Advisors LLC now owns 591,962 shares of the financial services provider’s stock valued at $32,646,000 after acquiring an additional 8,358 shares in the last quarter. Pictet & Cie Europe SA boosted its holdings in shares of Wells Fargo by 38.3% in the third quarter. Pictet & Cie Europe SA now owns 128,287 shares of the financial services provider’s stock valued at $7,075,000 after acquiring an additional 35,537 shares in the last quarter. Spectrum Management Group Inc. boosted its holdings in shares of Wells Fargo by 431.6% in the third quarter. Spectrum Management Group Inc. now owns 50,782 shares of the financial services provider’s stock valued at $2,801,000 after acquiring an additional 41,230 shares in the last quarter. Banque Pictet & Cie SA boosted its holdings in shares of Wells Fargo by 15.2% in the third quarter. Banque Pictet & Cie SA now owns 792,202 shares of the financial services provider’s stock valued at $43,690,000 after acquiring an additional 104,425 shares in the last quarter. Finally, Check Capital Management Inc. CA boosted its holdings in shares of Wells Fargo by 96.6% in the third quarter. Check Capital Management Inc. CA now owns 2,826,362 shares of the financial services provider’s stock valued at $155,874,000 after acquiring an additional 1,388,889 shares in the last quarter. Institutional investors and hedge funds own 76.18% of the company’s stock.

Shares of NYSE:WFC opened at $54.54 on Tuesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.88 and a quick ratio of 0.86. The company has a market capitalization of $261.94 billion, a P/E ratio of 13.27, a PEG ratio of 1.45 and a beta of 1.13. Wells Fargo has a 52 week low of $49.27 and a 52 week high of $66.31.

Wells Fargo (NYSE:WFC) last issued its quarterly earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.05. The business had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $21.74 billion. Wells Fargo had a net margin of 22.80% and a return on equity of 12.46%. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.00 EPS. research analysts expect that Wells Fargo will post 4.57 earnings per share for the current year.

Wells Fargo announced that its board has initiated a share repurchase program on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 4th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $1.56 annualized dividend and a dividend yield of 2.86%. Wells Fargo’s dividend payout ratio (DPR) is presently 37.96%.

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of Wells Fargo to a “buy” rating in a report on Monday, April 30th. Morgan Stanley cut their target price on shares of Wells Fargo from $60.00 to $57.00 and set an “underweight” rating for the company in a research note on Monday, April 30th. Macquarie raised shares of Wells Fargo from an “underperform” rating to an “outperform” rating in a research note on Monday, April 30th. Susquehanna Bancshares set a $58.00 target price on shares of Wells Fargo and gave the company a “hold” rating in a research note on Monday, April 23rd. Finally, Barclays cut their target price on shares of Wells Fargo from $71.00 to $66.00 and set an “overweight” rating for the company in a research note on Monday, April 16th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average 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.

Institutional Ownership by Quarter for Wells Fargo (NYSE:WFC)

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