Manitou Investment Management Ltd. lessened its stake in shares of Wells Fargo & Co (NYSE:WFC) by 1.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 321,161 shares of the financial services provider’s stock after selling 4,410 shares during the period. Wells Fargo & Co accounts for about 4.2% of Manitou Investment Management Ltd.’s investment portfolio, making the stock its 12th biggest holding. Manitou Investment Management Ltd.’s holdings in Wells Fargo & Co were worth $16,880,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. HC Financial Advisors Inc. purchased a new position in Wells Fargo & Co during the fourth quarter valued at approximately $2,232,000. Ostrum Asset Management bought a new stake in Wells Fargo & Co in the first quarter worth approximately $1,988,000. Natixis grew its position in Wells Fargo & Co by 334.1% in the first quarter. Natixis now owns 2,662,960 shares of the financial services provider’s stock worth $138,523,000 after acquiring an additional 2,049,539 shares in the last quarter. CMT Capital Markets Trading GmbH grew its position in Wells Fargo & Co by 3,310.0% in the first quarter. CMT Capital Markets Trading GmbH now owns 170,500 shares of the financial services provider’s stock worth $8,936,000 after acquiring an additional 165,500 shares in the last quarter. Finally, Element Capital Management LLC bought a new stake in Wells Fargo & Co in the first quarter worth approximately $28,983,000. 77.50% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on WFC. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Sunday, July 15th. Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $57.00 to $63.00 in a research report on Sunday, July 15th. They noted that the move was a valuation call. Citigroup raised shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research report on Friday, November 2nd. ValuEngine raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. Finally, Susquehanna Bancshares set a $63.00 target price on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 13th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $63.79.
In related news, EVP Avid Modjtabai sold 100,000 shares of the company’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $58.71, for a total transaction of $5,871,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Hope A. Hardison sold 25,000 shares of the company’s stock in a transaction on Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the transaction, the executive vice president now owns 109 shares of the company’s stock, valued at $6,323.09. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.
Shares of Wells Fargo & Co stock opened at $53.55 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.26. Wells Fargo & Co has a 1-year low of $50.02 and a 1-year high of $66.31. The firm has a market capitalization of $261.50 billion, a PE ratio of 13.03, a PEG ratio of 1.14 and a beta of 1.01.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. The firm had revenue of $21.94 billion during the quarter, compared to analyst estimates of $21.90 billion. As a group, analysts anticipate that Wells Fargo & Co will post 4.5 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Friday, November 9th will be paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 3.21%. The ex-dividend date is Thursday, November 8th. Wells Fargo & Co’s payout ratio is currently 41.85%.
Wells Fargo & Co declared that its board has approved a stock buyback plan on Tuesday, October 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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Wells Fargo & Co 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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