Synovus Financial Corp Reduces Holdings in Wells Fargo & Co (WFC)

Synovus Financial Corp decreased its position in Wells Fargo & Co (NYSE:WFC) by 19.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 196,761 shares of the financial services provider’s stock after selling 46,867 shares during the period. Synovus Financial Corp’s holdings in Wells Fargo & Co were worth $10,886,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Boston Partners increased its position in Wells Fargo & Co by 140.1% during the second quarter. Boston Partners now owns 19,088,621 shares of the financial services provider’s stock worth $1,057,700,000 after purchasing an additional 11,139,780 shares during the last quarter. Capital World Investors grew its stake in Wells Fargo & Co by 10.8% during the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after buying an additional 10,927,679 shares during the period. Capital Research Global Investors grew its stake in Wells Fargo & Co by 19.7% during the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after buying an additional 7,445,414 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Wells Fargo & Co by 26.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock valued at $1,653,464,000 after purchasing an additional 6,291,906 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in shares of Wells Fargo & Co by 396.3% in the second quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock valued at $326,655,000 after purchasing an additional 4,707,207 shares during the period. 76.00% of the stock is currently owned by hedge funds and other institutional investors.

In other Wells Fargo & Co news, insider John R. Shrewsberry sold 70,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.90, for a total value of $3,983,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ronald Sargent bought 9,000 shares of the business’s stock in a transaction on Monday, February 12th. The stock was purchased at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the purchase, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The disclosure for this purchase can be found here. Insiders have sold a total of 184,482 shares of company stock valued at $10,471,050 over the last three months. Company insiders own 0.22% of the company’s stock.

Several research firms recently issued reports on WFC. Bank of America cut their price target on shares of Wells Fargo & Co from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Monday, February 5th. Morgan Stanley cut shares of Wells Fargo & Co from an “equal weight” rating to an “underweight” rating in a report on Monday, February 5th. JPMorgan Chase & Co. cut shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating in a report on Monday, February 5th. Vetr raised shares of Wells Fargo & Co from a “sell” rating to a “strong-buy” rating in a report on Monday, November 6th. Finally, Vining Sparks reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Wells Fargo & Co in a report on Monday, January 8th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $76.34.

Shares of Wells Fargo & Co (NYSE:WFC) traded up $0.09 during midday trading on Thursday, hitting $59.64. The company’s stock had a trading volume of 12,111,766 shares, compared to its average volume of 25,157,002. The company has a market capitalization of $292,700.00, a PE ratio of 14.44, a PEG ratio of 1.52 and a beta of 1.01. Wells Fargo & Co has a 12 month low of $49.27 and a 12 month high of $66.31. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The company had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same period in the previous year, the business posted $0.96 earnings per share. The firm’s revenue was up 2.2% compared to the same quarter last year. equities analysts forecast that Wells Fargo & Co will post 4.72 EPS for the current year.

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

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd will be issued a dividend of $0.39 per share. The ex-dividend date is Thursday, February 1st. This represents a $1.56 annualized dividend and a yield of 2.62%. Wells Fargo & Co’s dividend payout ratio is currently 37.77%.

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Wells Fargo & Co Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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

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