Sompo Japan Nipponkoa Asset Management CO. LTD. bought a new position in Wells Fargo & Co (NYSE:WFC) in the third quarter, HoldingsChannel reports. The fund bought 386,587 shares of the financial services provider’s stock, valued at approximately $21,320,000. Wells Fargo & Co accounts for approximately 3.2% of Sompo Japan Nipponkoa Asset Management CO. LTD.’s investment portfolio, making the stock its biggest position.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Rockland Trust Co. increased its stake in shares of Wells Fargo & Co by 0.6% in the second quarter. Rockland Trust Co. now owns 316,530 shares of the financial services provider’s stock valued at $17,539,000 after buying an additional 1,856 shares during the period. Heartland Advisors Inc. boosted its position in shares of Wells Fargo & Co by 3.9% during the 2nd quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock valued at $15,102,000 after purchasing an additional 10,318 shares in the last quarter. Personal Capital Advisors Corp boosted its position in shares of Wells Fargo & Co by 5.0% during the 3rd quarter. Personal Capital Advisors Corp now owns 554,429 shares of the financial services provider’s stock valued at $30,577,000 after purchasing an additional 26,614 shares in the last quarter. New Jersey Better Educational Savings Trust boosted its position in shares of Wells Fargo & Co by 10.0% during the 2nd quarter. New Jersey Better Educational Savings Trust now owns 33,000 shares of the financial services provider’s stock valued at $1,829,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Sage Capital Advisors llc bought a new stake in shares of Wells Fargo & Co during the 2nd quarter valued at about $2,423,000. 76.20% of the stock is owned by institutional investors and hedge funds.
Shares of Wells Fargo & Co (NYSE:WFC) opened at $58.16 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23. The company has a market capitalization of $286,400.00, a P/E ratio of 14.08, a P/E/G ratio of 1.67 and a beta of 1.01. Wells Fargo & Co has a 52-week low of $49.27 and a 52-week high of $66.31.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). The business had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.96 earnings per share. research analysts anticipate that Wells Fargo & Co will post 4.74 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Friday, February 2nd will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Thursday, February 1st. Wells Fargo & Co’s payout ratio is 37.77%.
Wells Fargo & Co announced that its Board of Directors has approved a share buyback plan on Tuesday, January 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Several equities research analysts recently commented on WFC shares. Sandler O’Neill upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and upped their target price for the company from $62.04 to $73.00 in a research report on Tuesday, January 9th. Sanford C. Bernstein upgraded Wells Fargo & Co from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $64.00 to $69.00 in a report on Wednesday, January 3rd. Vertical Group upgraded Wells Fargo & Co from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. JPMorgan Chase & Co. lowered Wells Fargo & Co from a “neutral” rating to an “underweight” rating in a report on Monday. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $59.00 price target on shares of Wells Fargo & Co in a report on Thursday, January 4th. Seven analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. Wells Fargo & Co currently has a consensus rating of “Hold” and a consensus target price of $62.93.
In related news, insider John R. Shrewsberry sold 70,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.90, for a total transaction of $3,983,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael J. Loughlin sold 17,482 shares of the stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $57.80, for a total value of $1,010,459.60. The disclosure for this sale can be found here. Insiders have sold 184,482 shares of company stock valued at $10,471,050 over the last ninety days. 0.22% of the stock is currently owned by company insiders.
About Wells Fargo & Co
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.
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