Crestline Management LP reduced its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 27.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 122,489 shares of the financial services provider's stock after selling 47,511 shares during the period. Crestline Management LP's holdings in Wells Fargo & Company were worth $6,029,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Fortis Group Advisors LLC bought a new stake in Wells Fargo & Company in the third quarter worth $25,000. Arlington Trust Co LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. raised its position in shares of Wells Fargo & Company by 208.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider's stock valued at $26,000 after buying an additional 356,620 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $29,000. Finally, Wetzel Investment Advisors Inc. purchased a new position in Wells Fargo & Company in the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 75.90% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on WFC. HSBC raised their price objective on Wells Fargo & Company from $55.00 to $60.00 and gave the company a "hold" rating in a research note on Thursday, March 28th. Argus boosted their price objective on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the company a "buy" rating in a research report on Monday, April 15th. The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, April 1st. Compass Point reiterated a "neutral" rating and set a $64.00 price target on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Finally, Oppenheimer reissued a "market perform" rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Fourteen equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of "Hold" and an average price target of $58.99.
View Our Latest Stock Analysis on WFC
Wells Fargo & Company Stock Up 1.2 %
Shares of WFC traded up $0.71 during mid-day trading on Friday, hitting $59.92. The company's stock had a trading volume of 25,386,837 shares, compared to its average volume of 14,286,395. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. The company's 50-day moving average is $59.24 and its 200-day moving average is $53.19. Wells Fargo & Company has a 52-week low of $38.38 and a 52-week high of $62.55. The firm has a market capitalization of $208.90 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 1.58 and a beta of 1.18.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. During the same quarter in the prior year, the business earned $1.23 earnings per share. Wells Fargo & Company's revenue was up .6% on a year-over-year basis. On average, equities research analysts forecast that Wells Fargo & Company will post 5.08 EPS for the current fiscal year.
Wells Fargo & Company Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.40 annualized dividend and a yield of 2.34%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.23%.
Wells Fargo & Company Company Profile
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Free Report)
Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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