Highland Capital Management LLC decreased its stake in shares of Wells Fargo & Co (NYSE:WFC) by 1.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 227,731 shares of the financial services provider’s stock after selling 3,300 shares during the period. Wells Fargo & Co comprises 1.1% of Highland Capital Management LLC’s portfolio, making the stock its 20th largest holding. Highland Capital Management LLC’s holdings in Wells Fargo & Co were worth $13,816,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently modified their holdings of WFC. Capital World Investors raised its position in Wells Fargo & Co by 10.8% in the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after acquiring an additional 10,927,679 shares during the period. Capital Research Global Investors raised its position in Wells Fargo & Co by 19.7% in the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after acquiring an additional 7,445,414 shares during the period. Dimensional Fund Advisors LP raised its position in Wells Fargo & Co by 26.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock worth $1,653,464,000 after acquiring an additional 6,291,906 shares during the period. Janus Henderson Group PLC raised its position in Wells Fargo & Co by 396.3% in the second quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock worth $326,655,000 after acquiring an additional 4,707,207 shares during the period. Finally, Vanguard Group Inc. raised its position in Wells Fargo & Co by 1.2% in the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock worth $17,440,601,000 after acquiring an additional 3,621,402 shares during the period. Institutional investors own 77.39% of the company’s stock.
Several research analysts have weighed in on the stock. Morgan Stanley downgraded shares of Wells Fargo & Co from an “overweight” rating to an “underweight” rating and decreased their price target for the stock from $75.00 to $64.00 in a research report on Tuesday, February 6th. Atlantic Securities upgraded shares of Wells Fargo & Co from an “underweight” rating to a “neutral” rating and set a $64.00 price target on the stock in a research report on Wednesday, January 10th. Vetr downgraded shares of Wells Fargo & Co from a “strong-buy” rating to a “sell” rating and set a $55.47 price objective on the stock. in a research report on Monday, January 8th. Buckingham Research upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating and raised their price objective for the company from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Finally, Nomura decreased their price objective on shares of 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 research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $62.90.
Wells Fargo & Co (NYSE WFC) opened at $58.02 on Tuesday. The firm has a market cap of $285,710.00, a price-to-earnings ratio of 16.07, a P/E/G ratio of 1.52 and a beta of 1.08. Wells Fargo & Co has a 52 week low of $49.27 and a 52 week high of $66.31. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90.
Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). The company 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% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 earnings per share. equities analysts predict that Wells Fargo & Co will post 4.72 EPS 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 paid a dividend of $0.39 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.56 annualized dividend and a yield of 2.69%. Wells Fargo & Co’s payout ratio is 43.21%.
Wells Fargo & Co declared that its board has authorized a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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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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