Robinson Value Management Ltd. decreased its position in Wells Fargo & Co (NYSE:WFC) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 66,253 shares of the financial services provider’s stock after selling 2,839 shares during the period. Wells Fargo & Co accounts for 3.2% of Robinson Value Management Ltd.’s investment portfolio, making the stock its 6th biggest holding. Robinson Value Management Ltd.’s holdings in Wells Fargo & Co were worth $3,482,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the business. Sanders Capital LLC purchased a new stake in shares of Wells Fargo & Co during the 2nd quarter worth approximately $952,809,000. Charles Schwab Investment Advisory Inc. purchased a new stake in shares of Wells Fargo & Co during the 2nd quarter worth approximately $321,220,000. American Century Companies Inc. increased its stake in shares of Wells Fargo & Co by 29.9% during the 2nd quarter. American Century Companies Inc. now owns 10,583,847 shares of the financial services provider’s stock worth $586,768,000 after purchasing an additional 2,436,521 shares during the last quarter. Boston Partners increased its stake in shares of Wells Fargo & Co by 12.6% during the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock worth $1,176,604,000 after purchasing an additional 2,372,583 shares during the last quarter. Finally, Royal London Asset Management Ltd. purchased a new stake in shares of Wells Fargo & Co during the 2nd quarter worth approximately $118,780,000. Hedge funds and other institutional investors own 77.50% of the company’s stock.
Several brokerages have recently issued reports on WFC. Zacks Investment Research lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Macquarie raised shares of Wells Fargo & Co from a “neutral” rating to an “outperform” rating in a report on Monday, October 15th. ValuEngine downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Friday, September 28th. Morgan Stanley cut their price objective on shares of Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating for the company in a report on Monday, July 16th. Finally, Citigroup raised shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a report on Friday, November 2nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $63.79.
In other news, EVP Avid Modjtabai sold 100,000 shares of Wells Fargo & Co stock in a transaction on 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 Securities & Exchange Commission, which can be accessed through this link. Also, EVP Hope A. Hardison sold 25,000 shares of Wells Fargo & Co stock in a transaction on 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 sale, the executive vice president now directly owns 109 shares of the company’s stock, valued at $6,323.09. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.
Shares of NYSE:WFC opened at $53.04 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.26. Wells Fargo & Co has a one year low of $50.02 and a one year high of $66.31. The firm has a market capitalization of $261.35 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.07 and a beta of 1.01.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The firm had revenue of $21.94 billion during the quarter, compared to the consensus estimate of $21.90 billion. On average, equities analysts expect that Wells Fargo & Co will post 4.5 earnings per share for the current fiscal year.
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. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.
Wells Fargo & Co declared that its Board of Directors has approved a share repurchase program on Tuesday, October 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
About Wells Fargo & Co
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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