Nokota Management LP Lowers Holdings in Wells Fargo & Co (WFC)

Nokota Management LP lessened its position in shares of Wells Fargo & Co (NYSE:WFC) by 84.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 400,000 shares of the financial services provider’s stock after selling 2,150,000 shares during the period. Nokota Management LP’s holdings in Wells Fargo & Co were worth $21,024,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Tiverton Asset Management LLC boosted its position in shares of Wells Fargo & Co by 56.3% in the third quarter. Tiverton Asset Management LLC now owns 260,572 shares of the financial services provider’s stock worth $13,696,000 after buying an additional 93,835 shares during the period. Connors Investor Services Inc. boosted its position in shares of Wells Fargo & Co by 9.5% in the third quarter. Connors Investor Services Inc. now owns 293,900 shares of the financial services provider’s stock worth $15,447,000 after buying an additional 25,469 shares during the period. EJF Capital LLC purchased a new stake in shares of Wells Fargo & Co in the third quarter worth about $315,000. Riverhead Capital Management LLC boosted its position in shares of Wells Fargo & Co by 6.0% in the third quarter. Riverhead Capital Management LLC now owns 109,040 shares of the financial services provider’s stock worth $5,731,000 after buying an additional 6,126 shares during the period. Finally, Gagnon Securities LLC purchased a new stake in shares of Wells Fargo & Co in the third quarter worth about $263,000. 73.02% of the stock is owned by hedge funds and other institutional investors.

WFC has been the subject of several analyst reports. Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. They noted that the move was a valuation call. Edward Jones raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Monday, September 17th. Zacks Investment Research downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Tuesday, September 18th. Wolfe Research initiated coverage on Wells Fargo & Co in a research report on Tuesday, September 25th. They issued an “outperform” rating for the company. Finally, UBS Group set a $63.00 target price on Wells Fargo & Co and gave the stock a “buy” rating in a research report on Friday, September 28th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $63.61.

Shares of WFC opened at $50.26 on Friday. The stock has a market capitalization of $249.20 billion, a P/E ratio of 12.23, a price-to-earnings-growth ratio of 1.02 and a beta of 1.00. Wells Fargo & Co has a one year low of $50.02 and a one year high of $66.31. 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 (NYSE:WFC) last issued its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). The business had revenue of $21.94 billion during the quarter, compared to analysts’ expectations of $21.90 billion. Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. On average, research analysts anticipate that Wells Fargo & Co will post 4.5 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Saturday, December 1st. Investors of record on Friday, November 9th were issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend was 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 plan on Tuesday, October 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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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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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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