Ycg LLC lessened its stake in Wells Fargo & Co (NYSE:WFC) by 1.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 490,226 shares of the financial services provider’s stock after selling 6,728 shares during the quarter. Wells Fargo & Co makes up 7.3% of Ycg LLC’s holdings, making the stock its 4th biggest position. Ycg LLC’s holdings in Wells Fargo & Co were worth $29,797,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Vantage Financial Partners Ltd. Inc. bought a new stake in Wells Fargo & Co in the 2nd quarter valued at $1,095,000. Patriot Financial Group Insurance Agency LLC raised its stake in Wells Fargo & Co by 0.3% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 6 shares during the period. Cerebellum GP LLC bought a new stake in Wells Fargo & Co in the 4th quarter valued at $132,000. Westside Investment Management Inc. raised its stake in Wells Fargo & Co by 63.9% in the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 891 shares during the period. Finally, BKS Advisors LLC bought a new stake in Wells Fargo & Co in the 3rd quarter valued at $143,000. 77.39% of the stock is owned by institutional investors.
A number of research firms recently weighed in on WFC. Morgan Stanley cut Wells Fargo & Co from an “overweight” rating to an “underweight” rating and dropped their price target for the company from $75.00 to $64.00 in a research note on Tuesday, February 6th. Atlantic Securities upgraded Wells Fargo & Co from an “underweight” rating to a “neutral” rating and set a $64.00 price target on the stock in a research note on Wednesday, January 10th. Vetr cut Wells Fargo & Co from a “strong-buy” rating to a “sell” rating and set a $55.47 price target on the stock. in a research note on Monday, January 8th. Buckingham Research upgraded Wells Fargo & Co from a “neutral” rating to a “buy” rating and increased their price target for the company from $57.00 to $75.00 in a research note on Thursday, December 21st. They noted that the move was a valuation call. Finally, Nomura lowered their price objective on Wells Fargo & Co from $79.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Wells Fargo & Co currently has a consensus rating of “Hold” and a consensus target price of $62.90.
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). Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The company had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter in the previous year, the business posted $0.96 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. analysts expect that Wells Fargo & Co will post 4.72 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Friday, February 2nd were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Co’s payout ratio is currently 43.21%.
Wells Fargo & Co announced that its board has authorized 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 purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Ronald Sargent purchased 9,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were bought at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the transaction, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.22% of the stock is currently owned by company insiders.
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Wells Fargo & Co Profile
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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