Highbridge Capital Management LLC boosted its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 67.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,392 shares of the financial services provider’s stock after acquiring an additional 41,992 shares during the quarter. Highbridge Capital Management LLC’s holdings in Wells Fargo & Co were worth $5,487,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Landaas & Co. WI ADV bought a new stake in shares of Wells Fargo & Co in the 2nd quarter valued at $117,000. Sageworth Trust Co boosted its stake in shares of Wells Fargo & Co by 257.9% in the 3rd quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 1,550 shares during the last quarter. Lee Financial Co boosted its stake in shares of Wells Fargo & Co by 433.4% in the 3rd quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 2,037 shares during the last quarter. Almanack Investment Partners LLC. bought a new stake in shares of Wells Fargo & Co in the 3rd quarter valued at $141,000. Finally, Parkside Investments LLC bought a new stake in shares of Wells Fargo & Co in the 3rd quarter valued at $174,000. 73.02% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently commented on the stock. Credit Suisse Group reduced their price objective on shares of Wells Fargo & Co from $62.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday. UBS Group set a $63.00 price objective on shares of Wells Fargo & Co and gave the company a “buy” rating in a research note on Friday, September 28th. BMO Capital Markets upped their price objective on shares of Wells Fargo & Co to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 15th. Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a research note on Friday, September 7th. They noted that the move was a valuation call. Finally, ValuEngine lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $63.61.
Shares of NYSE WFC opened at $50.26 on Friday. The firm has a market cap of $252.57 billion, a P/E ratio of 12.23, a P/E/G ratio of 1.03 and a beta of 1.00. Wells Fargo & Co has a 12-month low of $50.02 and a 12-month high of $66.31. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.87.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by ($0.04). The company had revenue of $21.94 billion for the quarter, compared to the consensus estimate of $21.90 billion. Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. Equities research analysts predict that Wells Fargo & Co will post 4.5 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Investors of record on Friday, November 9th were paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 3.42%. The ex-dividend date was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio is presently 41.85%.
Wells Fargo & Co declared that its Board of Directors has initiated a stock buyback 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 purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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Wells Fargo & Co Company 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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