CIBC Asset Management Inc raised its stake in shares of Wells Fargo & Co (NYSE:WFC) by 10.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 530,244 shares of the financial services provider’s stock after buying an additional 52,084 shares during the period. CIBC Asset Management Inc’s holdings in Wells Fargo & Co were worth $27,870,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Cedar Capital LLC raised its holdings in shares of Wells Fargo & Co by 13.3% during the 2nd quarter. Cedar Capital LLC now owns 7,383 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 867 shares in the last quarter. Kessler Investment Group LLC raised its holdings in Wells Fargo & Co by 2.3% in the 2nd quarter. Kessler Investment Group LLC now owns 38,680 shares of the financial services provider’s stock worth $2,144,000 after acquiring an additional 875 shares during the period. Proficio Capital Partners LLC raised its holdings in Wells Fargo & Co by 18.4% in the 2nd quarter. Proficio Capital Partners LLC now owns 5,699 shares of the financial services provider’s stock worth $316,000 after acquiring an additional 886 shares during the period. GHP Investment Advisors Inc. raised its holdings in Wells Fargo & Co by 2.9% in the 2nd quarter. GHP Investment Advisors Inc. now owns 31,775 shares of the financial services provider’s stock worth $1,762,000 after acquiring an additional 886 shares during the period. Finally, Community Trust & Investment Co. raised its holdings in Wells Fargo & Co by 13.1% in the 2nd quarter. Community Trust & Investment Co. now owns 7,723 shares of the financial services provider’s stock worth $428,000 after acquiring an additional 894 shares during the period. 77.50% of the stock is owned by institutional investors.
In other news, EVP Avid Modjtabai sold 100,000 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $58.71, for a total transaction of $5,871,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Hope A. Hardison sold 25,000 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the transaction, the executive vice president now owns 109 shares in the company, valued at approximately $6,323.09. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.
NYSE:WFC opened at $53.04 on Friday. Wells Fargo & Co has a 52-week low of $50.02 and a 52-week high of $66.31. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. The stock has a market cap of $261.20 billion, a PE ratio of 12.91, a P/E/G ratio of 1.07 and a beta of 1.01.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. The company had revenue of $21.94 billion for the quarter, compared to the consensus estimate of $21.90 billion. On average, research analysts expect that Wells Fargo & Co will post 4.5 earnings per share for the current year.
Wells Fargo & Co declared that its board has initiated a stock repurchase program on Tuesday, October 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes 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 believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Friday, November 9th will be issued a dividend of $0.43 per share. The ex-dividend date is Thursday, November 8th. This represents a $1.72 annualized dividend and a dividend yield of 3.24%. Wells Fargo & Co’s payout ratio is 41.85%.
WFC has been the topic of several recent analyst reports. Wolfe Research initiated coverage on shares of Wells Fargo & Co in a report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Tuesday, September 18th. UBS Group set a $63.00 target price on shares of Wells Fargo & Co and gave the stock a “buy” rating in a report on Friday, September 28th. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th. Finally, Keefe, Bruyette & Woods upgraded shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $57.00 to $63.00 in a report on Sunday, July 15th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $63.79.
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Wells Fargo & Co Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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