FUKOKU MUTUAL LIFE INSURANCE Co reduced its stake in Wells Fargo & Co (NYSE:WFC) by 16.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,600 shares of the financial services provider’s stock after selling 3,400 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Wells Fargo & Co were worth $850,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of WFC. Orrstown Financial Services Inc. boosted its stake in Wells Fargo & Co by 125.9% in the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 287 shares during the period. Horan Capital Advisors LLC. acquired a new position in Wells Fargo & Co in the first quarter valued at approximately $27,000. Brand Asset Management Group Inc. boosted its stake in Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 242 shares during the period. Nalls Sherbakoff Group LLC acquired a new position in Wells Fargo & Co in the fourth quarter valued at approximately $32,000. Finally, SevenBridge Financial Group LLC boosted its stake in Wells Fargo & Co by 500.0% in the fourth quarter. SevenBridge Financial Group LLC now owns 1,200 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,000 shares during the period. Institutional investors own 75.38% of the company’s stock.
In related news, insider Petros G. Pelos sold 28,304 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the sale, the insider now owns 3,066 shares of the company’s stock, valued at $142,599.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.08% of the stock is owned by insiders.
Several equities analysts have recently issued reports on the company. Deutsche Bank downgraded Wells Fargo & Co from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $56.00 to $54.00 in a research report on Friday, March 29th. Atlantic Securities downgraded Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective for the company. in a research report on Tuesday. BMO Capital Markets reduced their price objective on Wells Fargo & Co from $65.00 to $63.00 and set a “market perform” rating for the company in a research report on Monday, April 15th. Morgan Stanley reduced their price objective on Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, April 15th. Finally, Keefe, Bruyette & Woods downgraded Wells Fargo & Co from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $58.00 to $50.00 in a research report on Sunday, March 31st. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $55.39.
Shares of NYSE:WFC opened at $45.59 on Friday. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53. The company has a market cap of $204.90 billion, a P/E ratio of 10.41, a PEG ratio of 0.85 and a beta of 1.09. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 1.35.
Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. The firm had revenue of $21.61 billion for the quarter, compared to analysts’ expectations of $20.89 billion. During the same quarter in the previous year, the company earned $0.96 earnings per share. As a group, analysts anticipate that Wells Fargo & Co will post 4.73 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Friday, May 10th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.80 annualized dividend and a yield of 3.95%. Wells Fargo & Co’s payout ratio is 41.10%.
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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. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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