Mendon Capital Advisors Corp boosted its stake in Wells Fargo & Company (NYSE:WFC) by 15.4% in the third quarter, Holdings Channel reports. The institutional investor owned 150,000 shares of the financial services provider’s stock after acquiring an additional 20,000 shares during the quarter. Wells Fargo & Company makes up approximately 2.1% of Mendon Capital Advisors Corp’s holdings, making the stock its 17th largest position. Mendon Capital Advisors Corp’s holdings in Wells Fargo & Company were worth $3,526,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. ST Germain D J Co. Inc. lifted its position in Wells Fargo & Company by 0.5% in the 3rd quarter. ST Germain D J Co. Inc. now owns 744,148 shares of the financial services provider’s stock worth $17,495,000 after buying an additional 4,032 shares in the last quarter. Robertson Stephens Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter worth approximately $498,000. Markston International LLC raised its holdings in shares of Wells Fargo & Company by 17.8% during the 3rd quarter. Markston International LLC now owns 335,651 shares of the financial services provider’s stock valued at $7,891,000 after purchasing an additional 50,728 shares in the last quarter. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of Wells Fargo & Company by 1.0% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 555,631 shares of the financial services provider’s stock valued at $13,063,000 after purchasing an additional 5,502 shares in the last quarter. Finally, Harspring Capital Management LLC bought a new position in shares of Wells Fargo & Company during the 3rd quarter valued at $12,931,000. Institutional investors own 67.25% of the company’s stock.
WFC has been the topic of a number of recent research reports. Compass Point upgraded shares of Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a report on Friday, November 6th. Royal Bank of Canada restated a “sell” rating and set a $25.00 price target on shares of Wells Fargo & Company in a report on Wednesday, September 23rd. DA Davidson upgraded shares of Wells Fargo & Company from a “neutral” rating to a “buy” rating and raised their price target for the company from $27.00 to $31.00 in a report on Thursday. Odeon Capital Group upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating in a research note on Wednesday, September 2nd. Finally, ValuEngine lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating in a research note on Thursday, October 1st. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $31.26.
Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.03). The company had revenue of $18.86 billion during the quarter, compared to analyst estimates of $17.87 billion. Wells Fargo & Company had a return on equity of 3.18% and a net margin of 3.72%. The business’s revenue for the quarter was down 14.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.92 earnings per share. As a group, equities analysts predict that Wells Fargo & Company will post 0.48 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Thursday, November 5th. Wells Fargo & Company’s payout ratio is 9.13%.
Wells Fargo & Company Profile
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally. It operates in three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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