Manitou Investment Management Ltd. boosted its position in shares of Wells Fargo & Co (NYSE:WFC) by 32.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 430,001 shares of the financial services provider’s stock after purchasing an additional 106,010 shares during the quarter. Wells Fargo & Co accounts for about 5.2% of Manitou Investment Management Ltd.’s investment portfolio, making the stock its 10th biggest holding. Manitou Investment Management Ltd.’s holdings in Wells Fargo & Co were worth $21,689,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Horan Capital Advisors LLC. acquired a new position in Wells Fargo & Co during the third quarter worth $25,000. Evolution Wealth Advisors LLC acquired a new position in Wells Fargo & Co during the second quarter worth $25,000. Next Capital Management LLC acquired a new position in Wells Fargo & Co during the second quarter worth $32,000. NuWave Investment Management LLC boosted its holdings in Wells Fargo & Co by 122.3% during the third quarter. NuWave Investment Management LLC now owns 798 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 439 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in Wells Fargo & Co during the third quarter worth $42,000. Hedge funds and other institutional investors own 75.13% of the company’s stock.
Several research analysts recently commented on WFC shares. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Tuesday, October 15th. Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $54.00 to $47.00 in a research report on Wednesday, July 17th. Odeon Capital Group lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Argus raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Monday, September 30th. Finally, Piper Jaffray Companies set a $46.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research report on Monday, September 9th. Four analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $49.75.
NYSE WFC traded up $0.10 on Friday, hitting $54.10. 14,545,399 shares of the stock were exchanged, compared to its average volume of 20,816,832. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.86 and a quick ratio of 0.85. The business’s fifty day moving average is $50.39 and its 200 day moving average is $47.60. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $55.04. The company has a market capitalization of $225.42 billion, a PE ratio of 12.35, a P/E/G ratio of 1.11 and a beta of 1.11.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.92 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.23). The company had revenue of $22.01 billion during the quarter, compared to the consensus estimate of $21.32 billion. Wells Fargo & Co had a net margin of 21.67% and a return on equity of 13.01%. Wells Fargo & Co’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.13 earnings per share. Analysts predict that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 3.77%. The ex-dividend date is Thursday, November 7th. Wells Fargo & Co’s payout ratio is presently 46.58%.
Wells Fargo & Co declared that its Board of Directors has authorized a stock buyback plan on Tuesday, July 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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