K.J. Harrison & Partners Inc trimmed its stake in Wells Fargo & Co (NYSE:WFC) by 38.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 78,488 shares of the financial services provider’s stock after selling 49,415 shares during the period. Wells Fargo & Co comprises 1.6% of K.J. Harrison & Partners Inc’s investment portfolio, making the stock its 12th biggest holding. K.J. Harrison & Partners Inc’s holdings in Wells Fargo & Co were worth $4,762,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC increased its stake in Wells Fargo & Co by 0.3% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after buying an additional 6 shares during the period. Westside Investment Management Inc. increased its stake in Wells Fargo & Co by 63.9% during the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after buying an additional 891 shares during the period. Cerebellum GP LLC purchased a new stake in Wells Fargo & Co during the 4th quarter worth approximately $132,000. BKS Advisors LLC purchased a new stake in Wells Fargo & Co during the 3rd quarter worth approximately $143,000. Finally, BDO Wealth Advisors LLC purchased a new stake in Wells Fargo & Co during the 2nd quarter worth approximately $151,000. 77.39% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently weighed in on WFC. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Vetr raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.78 target price on the stock in a research note on Monday, February 12th. Morgan Stanley downgraded shares of 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 shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Monday, February 5th. Finally, Vining Sparks reaffirmed 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 given a buy rating to the stock. Wells Fargo & Co has a consensus rating of “Hold” and an average price target of $62.90.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The company had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. During the same quarter in the previous year, the company posted $0.96 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. sell-side analysts expect that Wells Fargo & Co will post 4.72 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Co’s payout ratio is 43.21%.
Wells Fargo & Co announced that its Board of Directors has authorized a share buyback program on Tuesday, January 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, Director Ronald Sargent bought 9,000 shares of the stock in a transaction dated Monday, February 12th. The stock was acquired at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the acquisition, the director now owns 81 shares in the company, valued at approximately $4,534.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.22% of the company’s stock.
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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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