Cigna Investments Inc. New raised its holdings in Wells Fargo & Co (NYSE:WFC) by 5.6% in the first quarter, Holdings Channel.com reports. The fund owned 108,161 shares of the financial services provider’s stock after acquiring an additional 5,733 shares during the period. Cigna Investments Inc. New’s holdings in Wells Fargo & Co were worth $3,105,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of WFC. Your Advocates Ltd. LLP acquired a new stake in Wells Fargo & Co in the 1st quarter valued at about $26,000. Evolution Wealth Advisors LLC lifted its holdings in Wells Fargo & Co by 119.5% in the 4th quarter. Evolution Wealth Advisors LLC now owns 562 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 306 shares during the last quarter. Howard Wealth Management LLC acquired a new stake in Wells Fargo & Co in the 4th quarter valued at about $35,000. Total Clarity Wealth Management Inc. acquired a new stake in Wells Fargo & Co in the 4th quarter valued at about $35,000. Finally, Wealth Quarterback LLC acquired a new stake in Wells Fargo & Co in the 4th quarter valued at about $35,000. 74.93% of the stock is owned by institutional investors.
In other Wells Fargo & Co news, CEO Charles W. Scharf acquired 173,000 shares of Wells Fargo & Co stock in a transaction dated Friday, March 13th. The stock was bought at an average cost of $28.69 per share, with a total value of $4,963,370.00. Following the completion of the transaction, the chief executive officer now owns 176,916 shares of the company’s stock, valued at $5,075,720.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Noski acquired 20,000 shares of Wells Fargo & Co stock in a transaction dated Friday, March 13th. The stock was acquired at an average cost of $29.53 per share, with a total value of $590,600.00. Following the completion of the transaction, the director now directly owns 74 shares of the company’s stock, valued at approximately $2,185.22. The disclosure for this purchase can be found here. 0.09% of the stock is owned by corporate insiders.
Wells Fargo & Co stock traded down $0.29 during trading hours on Friday, reaching $24.17. 29,967,288 shares of the company were exchanged, compared to its average volume of 49,031,396. The firm has a market cap of $100.29 billion, a price-to-earnings ratio of 8.54, a PEG ratio of 3.05 and a beta of 1.18. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 1.47. The stock has a 50-day moving average of $27.22 and a 200 day moving average of $42.32. Wells Fargo & Co has a 12 month low of $22.00 and a 12 month high of $54.75.
Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, April 14th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.85). The company had revenue of $17.72 billion for the quarter, compared to the consensus estimate of $19.40 billion. Wells Fargo & Co had a return on equity of 9.28% and a net margin of 14.52%. The firm’s revenue for the quarter was down 18.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 EPS. As a group, research analysts forecast that Wells Fargo & Co will post 0.79 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, May 7th. This represents a $2.04 dividend on an annualized basis and a yield of 8.44%. Wells Fargo & Co’s payout ratio is currently 46.58%.
WFC has been the topic of several recent analyst reports. Nomura Securities restated a “buy” rating and set a $31.00 price objective on shares of Wells Fargo & Co in a report on Thursday, April 16th. Berenberg Bank upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $26.00 target price on the stock in a report on Thursday, March 26th. UBS Group downgraded Wells Fargo & Co from a “neutral” rating to a “sell” rating and set a $19.00 target price on the stock. in a report on Monday, May 4th. Morgan Stanley dropped their target price on Wells Fargo & Co from $49.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, March 9th. Finally, Zacks Investment Research upgraded Wells Fargo & Co from a “strong sell” rating to a “hold” rating and set a $23.00 target price on the stock in a report on Tuesday, March 17th. Six analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $38.93.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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