Tiverton Asset Management LLC Raises Stake in Wells Fargo & Co (WFC)

Tiverton Asset Management LLC lifted its position in Wells Fargo & Co (NYSE:WFC) by 56.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 260,572 shares of the financial services provider’s stock after purchasing an additional 93,835 shares during the quarter. Tiverton Asset Management LLC’s holdings in Wells Fargo & Co were worth $13,696,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the company. Rothschild Asset Management Inc. grew its position in Wells Fargo & Co by 1.0% in the second quarter. Rothschild Asset Management Inc. now owns 589,885 shares of the financial services provider’s stock worth $32,703,000 after acquiring an additional 5,584 shares in the last quarter. Commonwealth Bank of Australia grew its position in Wells Fargo & Co by 15.3% in the second quarter. Commonwealth Bank of Australia now owns 748,401 shares of the financial services provider’s stock worth $41,434,000 after acquiring an additional 99,137 shares in the last quarter. Berkshire Asset Management LLC PA grew its position in Wells Fargo & Co by 3.3% in the third quarter. Berkshire Asset Management LLC PA now owns 507,054 shares of the financial services provider’s stock worth $26,651,000 after acquiring an additional 16,315 shares in the last quarter. R. G. Niederhoffer Capital Management Inc. purchased a new position in Wells Fargo & Co in the second quarter worth about $1,308,000. Finally, Security National Bank of Sioux City Iowa IA purchased a new position in Wells Fargo & Co in the second quarter worth about $382,000. 73.02% of the stock is currently owned by hedge funds and other institutional investors.

WFC has been the subject of several recent research reports. UBS Group set a $63.00 price target on Wells Fargo & Co and gave the stock a “buy” rating in a research report on Friday, September 28th. Edward Jones upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Monday, September 17th. Nomura dropped their price target on Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Monday, October 15th. Citigroup upgraded Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research report on Friday, November 2nd. Finally, ValuEngine upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. Three research 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 currently has a consensus rating of “Hold” and a consensus price target of $63.61.

Shares of NYSE:WFC opened at $50.26 on Friday. Wells Fargo & Co has a 1 year low of $50.02 and a 1 year high of $66.31. The company has a market cap of $249.20 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 1.02 and a beta of 1.00. 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 announced 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). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The business had revenue of $21.94 billion for the quarter, compared to analysts’ expectations of $21.90 billion. Analysts anticipate that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.

Wells Fargo & Co declared that its Board of Directors has initiated a stock buyback plan on Tuesday, October 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 plans are usually a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Friday, November 9th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.72 annualized dividend and a dividend yield of 3.42%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 41.85%.

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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.

Further Reading: Capital gains and your 401(k) or IRA

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

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