Welch & Forbes LLC cut its position in shares of Wells Fargo & Co (NYSE:WFC) by 3.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 814,718 shares of the financial services provider’s stock after selling 30,665 shares during the quarter. Welch & Forbes LLC’s holdings in Wells Fargo & Co were worth $37,543,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. NN Investment Partners Holdings N.V. acquired a new position in Wells Fargo & Co in the 3rd quarter valued at $753,000. Alley Co LLC increased its stake in shares of Wells Fargo & Co by 3.1% in the 3rd quarter. Alley Co LLC now owns 104,421 shares of the financial services provider’s stock worth $5,488,000 after acquiring an additional 3,120 shares during the last quarter. Checchi Capital Advisers LLC increased its stake in shares of Wells Fargo & Co by 12.9% in the 3rd quarter. Checchi Capital Advisers LLC now owns 50,067 shares of the financial services provider’s stock worth $2,632,000 after acquiring an additional 5,715 shares during the last quarter. GWM Advisors LLC increased its stake in shares of Wells Fargo & Co by 8.9% in the 3rd quarter. GWM Advisors LLC now owns 47,450 shares of the financial services provider’s stock worth $2,494,000 after acquiring an additional 3,872 shares during the last quarter. Finally, Shayne & CO. LLC increased its stake in shares of Wells Fargo & Co by 9.8% in the 3rd quarter. Shayne & CO. LLC now owns 33,858 shares of the financial services provider’s stock worth $1,780,000 after acquiring an additional 3,014 shares during the last quarter. 72.94% of the stock is currently owned by institutional investors and hedge funds.
WFC has been the subject of a number of recent research reports. Robert W. Baird reaffirmed a “buy” rating and issued a $59.00 target price on shares of Wells Fargo & Co in a research note on Wednesday, January 2nd. Zacks Investment Research downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Monday, December 17th. Wolfe Research downgraded Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 8th. ValuEngine downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Thursday, January 10th. Finally, Royal Bank of Canada raised Wells Fargo & Co from an “underperform” rating to a “sector perform” rating and set a $45.50 target price for the company in a research note on Wednesday, January 2nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company. Wells Fargo & Co presently has an average rating of “Hold” and an average price target of $61.33.
NYSE WFC opened at $50.03 on Friday. The firm has a market cap of $239.11 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 0.89 and a beta of 1.11. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.88 and a quick ratio of 0.87. Wells Fargo & Co has a twelve month low of $43.02 and a twelve month high of $59.53.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, January 15th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.04. The business had revenue of $20.98 billion during the quarter, compared to analysts’ expectations of $21.80 billion. Wells Fargo & Co had a return on equity of 13.34% and a net margin of 22.95%. The company’s revenue was down 4.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.16 EPS. As a group, equities analysts expect that Wells Fargo & Co will post 4.96 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 1st were issued a dividend of $0.45 per share. The ex-dividend date was Thursday, January 31st. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.60%. Wells Fargo & Co’s dividend payout ratio is currently 41.10%.
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About Wells Fargo & Co
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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