High Pointe Capital Management LLC raised its stake in Wells Fargo (NYSE:WFC) by 17.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,640 shares of the financial services provider’s stock after purchasing an additional 5,650 shares during the period. Wells Fargo accounts for 3.2% of High Pointe Capital Management LLC’s holdings, making the stock its 2nd biggest holding. High Pointe Capital Management LLC’s holdings in Wells Fargo were worth $2,344,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Huber Financial Advisors LLC acquired a new position in shares of Wells Fargo during the fourth quarter valued at about $365,000. Summit Financial Strategies Inc. acquired a new position in shares of Wells Fargo during the fourth quarter valued at about $209,000. IFG Advisory LLC acquired a new position in shares of Wells Fargo during the fourth quarter valued at about $1,736,000. Arlington Partners LLC purchased a new position in Wells Fargo during the fourth quarter worth about $207,000. Finally, Verde Servicos Internacionais S.A. purchased a new position in Wells Fargo during the fourth quarter worth about $11,059,000. 77.39% of the stock is owned by hedge funds and other institutional investors.
In other Wells Fargo news, Director Ronald Sargent purchased 9,000 shares of the stock in a transaction dated Monday, February 12th. The shares were bought at an average price of $55.98 per share, with a total value of $503,820.00. Following the completion of the transaction, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.22% of the company’s stock.
Wells Fargo (NYSE:WFC) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. The business had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. During the same period last year, the firm earned $0.96 EPS. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. sell-side analysts expect that Wells Fargo will post 4.72 EPS for the current year.
Wells Fargo announced that its board has initiated a stock repurchase plan on Tuesday, January 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo’s dividend payout ratio (DPR) is currently 38.33%.
WFC has been the topic of several analyst reports. Vetr cut shares of Wells Fargo from a “strong-buy” rating to a “sell” rating and set a $55.47 price target on the stock. in a report on Monday, January 8th. Sanford C. Bernstein upgraded shares of Wells Fargo from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $64.00 to $69.00 in a report on Wednesday, January 3rd. Keefe, Bruyette & Woods restated a “buy” rating on shares of Wells Fargo in a report on Tuesday, January 16th. Atlantic Securities upgraded shares of Wells Fargo from an “underweight” rating to a “neutral” rating and set a $64.00 price target on the stock in a report on Wednesday, January 10th. Finally, BMO Capital Markets restated a “hold” rating and set a $59.00 price target on shares of Wells Fargo in a report on Thursday, January 4th. Six equities research 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’s stock. The stock presently has an average rating of “Hold” and an average price target of $62.90.
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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