Pillar Pacific Capital Management LLC increased its stake in shares of Wells Fargo & Co (NYSE:WFC) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,452 shares of the financial services provider’s stock after buying an additional 1,568 shares during the quarter. Pillar Pacific Capital Management LLC’s holdings in Wells Fargo & Co were worth $8,096,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Beach Investment Management LLC. bought a new stake in Wells Fargo & Co during the second quarter worth $1,010,000. MAI Capital Management lifted its stake in Wells Fargo & Co by 5.2% during the second quarter. MAI Capital Management now owns 221,641 shares of the financial services provider’s stock worth $12,281,000 after purchasing an additional 10,879 shares during the last quarter. ProVise Management Group LLC lifted its stake in Wells Fargo & Co by 25.3% during the second quarter. ProVise Management Group LLC now owns 174,201 shares of the financial services provider’s stock worth $9,652,000 after purchasing an additional 35,131 shares during the last quarter. RFG Advisory Group LLC lifted its stake in Wells Fargo & Co by 126.1% during the second quarter. RFG Advisory Group LLC now owns 22,861 shares of the financial services provider’s stock worth $1,268,000 after purchasing an additional 12,750 shares during the last quarter. Finally, Blue Chip Partners Inc. lifted its stake in Wells Fargo & Co by 12.3% during the second quarter. Blue Chip Partners Inc. now owns 94,619 shares of the financial services provider’s stock worth $5,243,000 after purchasing an additional 10,331 shares during the last quarter. 77.39% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have weighed in on the company. Zacks Investment Research cut Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Vetr upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.78 target price for the company in a research note on Monday, February 12th. Morgan Stanley cut Wells Fargo & Co from an “overweight” rating to an “underweight” rating and cut their target price for the stock from $75.00 to $64.00 in a research note on Tuesday, February 6th. UBS Group set a $63.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a research note on Monday, February 5th. Finally, Vining Sparks restated a “buy” rating and set a $68.50 target price on shares of Wells Fargo & Co in a research note on Monday, February 5th. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company. Wells Fargo & Co has a consensus rating of “Hold” and a consensus price target of $62.90.
Wells Fargo & Co (NYSE:WFC) last announced 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 firm had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.96 earnings per share. sell-side analysts predict that Wells Fargo & Co will post 4.72 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Friday, February 2nd were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.69%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio is currently 43.21%.
Wells Fargo & Co declared that its Board of Directors has initiated a stock buyback program on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Ronald Sargent bought 9,000 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was acquired at an average cost of $55.98 per share, with a total value of $503,820.00. Following the transaction, the director now directly owns 81 shares in the company, valued at $4,534.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.22% of the stock is owned by company insiders.
Wells Fargo & Co Company 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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