Northeast Investment Management lowered its holdings in shares of Wells Fargo (NYSE:WFC) by 20.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,453 shares of the financial services provider’s stock after selling 32,520 shares during the quarter. Northeast Investment Management’s holdings in Wells Fargo were worth $7,915,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Beach Investment Management LLC. bought a new position in shares of Wells Fargo during the second quarter worth about $1,010,000. USS Investment Management Ltd grew its holdings in shares of Wells Fargo by 62.7% during the second quarter. USS Investment Management Ltd now owns 6,359,300 shares of the financial services provider’s stock worth $352,464,000 after buying an additional 2,450,000 shares in the last quarter. Airain ltd bought a new position in shares of Wells Fargo during the second quarter worth about $8,913,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of Wells Fargo by 15.7% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 1,126,113 shares of the financial services provider’s stock worth $62,398,000 after buying an additional 152,593 shares in the last quarter. Finally, BDO Wealth Advisors LLC bought a new position in shares of Wells Fargo during the second quarter worth about $151,000. 77.39% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on WFC shares. Vertical Group upgraded Wells Fargo from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. Zacks Investment Research upgraded Wells Fargo from a “sell” rating to a “hold” rating in a report on Tuesday, December 19th. Buckingham Research upgraded Wells Fargo from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Barclays increased their price objective on Wells Fargo from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Finally, Sanford C. Bernstein upgraded Wells Fargo from a “market perform” rating to an “outperform” rating and raised their price target for the company from $64.00 to $69.00 in a research note on Wednesday, January 3rd. Six investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $62.90.
Wells Fargo (NYSE:WFC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The business had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter in the prior year, the firm posted $0.96 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. research analysts anticipate that Wells Fargo will post 4.72 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.56 annualized dividend and a dividend yield of 2.79%. Wells Fargo’s dividend payout ratio is currently 43.21%.
Wells Fargo announced that its board has authorized a stock buyback program on Tuesday, January 23rd that permits the company to buyback 350,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In other news, Director Ronald Sargent purchased 9,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was acquired at an average cost of $55.98 per share, with a total value of $503,820.00. Following the acquisition, the director now owns 81 shares in the company, valued at approximately $4,534.38. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.22% of the company’s stock.
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Wells Fargo 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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