Riverhead Capital Management LLC lifted its position in shares of Wells Fargo & Co (NYSE:WFC) by 6.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,040 shares of the financial services provider’s stock after buying an additional 6,126 shares during the quarter. Riverhead Capital Management LLC’s holdings in Wells Fargo & Co were worth $5,731,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sageworth Trust Co boosted its stake in Wells Fargo & Co by 257.9% during the third quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock worth $113,000 after acquiring an additional 1,550 shares in the last quarter. Landaas & Co. WI ADV bought a new position in Wells Fargo & Co during the second quarter worth $117,000. Lee Financial Co boosted its stake in Wells Fargo & Co by 433.4% during the third quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock worth $132,000 after acquiring an additional 2,037 shares in the last quarter. Almanack Investment Partners LLC. bought a new position in Wells Fargo & Co during the third quarter worth $141,000. Finally, Parkside Investments LLC bought a new position in Wells Fargo & Co during the third quarter worth $174,000. Institutional investors own 73.02% of the company’s stock.
Wells Fargo & Co stock opened at $51.42 on Friday. 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 $252.57 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 1.03 and a beta of 1.00. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.87.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The business had revenue of $21.94 billion during the quarter, compared to the consensus estimate of $21.90 billion. Equities research analysts predict that Wells Fargo & Co will post 4.5 EPS for the current year.
Wells Fargo & Co declared that its board has authorized a share repurchase plan on Tuesday, October 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Friday, November 9th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.85%.
Several research analysts recently issued reports on WFC shares. Wolfe Research started coverage on shares of Wells Fargo & Co in a research note on Tuesday, September 25th. They set an “outperform” rating on the stock. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Tuesday, September 18th. UBS Group set a $63.00 target price on shares of Wells Fargo & Co and gave the stock a “buy” rating in a research note on Friday, September 28th. ValuEngine raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. Finally, Edward Jones raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the stock. Wells Fargo & Co has a consensus rating of “Buy” and a consensus price target of $63.79.
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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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