Amalgamated Bank Lowers Stake in Wells Fargo & Co (WFC)

Amalgamated Bank cut its holdings in Wells Fargo & Co (NYSE:WFC) by 3.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 546,665 shares of the financial services provider’s stock after selling 19,233 shares during the quarter. Wells Fargo & Co makes up approximately 0.7% of Amalgamated Bank’s portfolio, making the stock its 20th largest holding. Amalgamated Bank’s holdings in Wells Fargo & Co were worth $28,733,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Landaas & Co. WI ADV acquired a new stake in Wells Fargo & Co during the second quarter worth approximately $117,000. Sageworth Trust Co boosted its holdings in shares of Wells Fargo & Co by 257.9% in the 3rd quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 1,550 shares during the last quarter. Lee Financial Co boosted its holdings in shares of Wells Fargo & Co by 433.4% in the 3rd quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 2,037 shares during the last quarter. Almanack Investment Partners LLC. acquired a new position in shares of Wells Fargo & Co in the 3rd quarter valued at $141,000. Finally, Parkside Investments LLC acquired a new position in shares of Wells Fargo & Co in the 3rd quarter valued at $174,000. Institutional investors and hedge funds own 73.02% of the company’s stock.

Shares of WFC stock opened at $50.26 on Monday. Wells Fargo & Co has a 52 week low of $50.02 and a 52 week high of $66.31. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $245.16 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.00 and a beta of 1.00.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing the Zacks’ consensus estimate 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 analysts’ expectations of $21.90 billion. On average, equities analysts expect that Wells Fargo & Co will post 4.5 earnings per share for the current year.

Wells Fargo & Co declared that its Board of Directors has approved a share buyback plan on Tuesday, October 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Stockholders 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 3.42%. The ex-dividend date was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio is presently 41.85%.

A number of brokerages have weighed in on WFC. Macquarie upgraded shares of Wells Fargo & Co from a “neutral” rating to an “outperform” rating in a report on Monday, October 15th. ValuEngine lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Friday, September 28th. Citigroup upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a report on Friday, November 2nd. Credit Suisse Group decreased their price target on shares of Wells Fargo & Co from $62.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Nomura decreased their price target on shares of Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating on the stock in a report on Monday, October 15th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $63.61.

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

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