First Pacific Advisors LP trimmed its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 10.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,151,458 shares of the financial services provider's stock after selling 606,543 shares during the quarter. Wells Fargo & Company makes up 3.8% of First Pacific Advisors LP's holdings, making the stock its 9th largest position. First Pacific Advisors LP owned about 0.14% of Wells Fargo & Company worth $253,555,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. United Services Automobile Association raised its holdings in Wells Fargo & Company by 13.7% in the 3rd quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider's stock valued at $4,000,000 after acquiring an additional 11,825 shares during the period. Synovus Financial Corp grew its holdings in Wells Fargo & Company by 61.7% in the 3rd quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider's stock valued at $4,983,000 after buying an additional 46,525 shares in the last quarter. Trust Point Inc. bought a new position in Wells Fargo & Company during the 4th quarter worth $2,499,000. WealthPlan Investment Management LLC lifted its holdings in shares of Wells Fargo & Company by 2,174.3% during the third quarter. WealthPlan Investment Management LLC now owns 21,287 shares of the financial services provider's stock worth $870,000 after buying an additional 20,351 shares in the last quarter. Finally, G2 Capital Management LLC OH bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $278,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on WFC. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $62.00 price objective (up previously from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Jefferies Financial Group boosted their price target on Wells Fargo & Company from $52.00 to $60.00 and gave the company a "hold" rating in a research note on Monday, April 8th. HSBC raised their price objective on Wells Fargo & Company from $55.00 to $60.00 and gave the stock a "hold" rating in a research note on Thursday, March 28th. JPMorgan Chase & Co. upped their target price on Wells Fargo & Company from $59.00 to $61.50 and gave the company a "neutral" rating in a research report on Wednesday, May 1st. Finally, Oppenheimer restated a "market perform" rating on shares of Wells Fargo & Company in a research report on Monday, April 15th. Fourteen analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $58.99.
Get Our Latest Analysis on Wells Fargo & Company
Wells Fargo & Company Trading Down 1.2 %
NYSE WFC traded down $0.71 during trading hours on Wednesday, reaching $58.77. The company's stock had a trading volume of 12,828,787 shares, compared to its average volume of 18,306,088. The firm has a fifty day simple moving average of $59.16 and a 200-day simple moving average of $52.87. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55. The stock has a market cap of $204.89 billion, a P/E ratio of 12.27, a P/E/G ratio of 1.59 and a beta of 1.18.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The firm had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same quarter last year, the firm earned $1.23 earnings per share. The company's revenue for the quarter was up .6% on a year-over-year basis. Equities analysts forecast that Wells Fargo & Company will post 5.08 earnings per share for the current fiscal year.
Wells Fargo & Company Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.40 annualized dividend and a yield of 2.38%. Wells Fargo & Company's payout ratio is 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.
Further Reading
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