Penobscot Investment Management Company Inc. Acquires Shares of 4,513 Wells Fargo & Company (NYSE:WFC)

Penobscot Investment Management Company Inc. bought a new position in Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,513 shares of the financial services provider’s stock, valued at approximately $222,000.

A number of other large investors have also made changes to their positions in the company. Northern Trust Corp raised its stake in Wells Fargo & Company by 0.3% during the 3rd quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock valued at $1,560,755,000 after purchasing an additional 129,300 shares during the period. Pzena Investment Management LLC raised its position in Wells Fargo & Company by 1.9% during the third quarter. Pzena Investment Management LLC now owns 18,269,318 shares of the financial services provider’s stock valued at $746,484,000 after buying an additional 335,560 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in Wells Fargo & Company by 2.9% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 7,749,883 shares of the financial services provider’s stock worth $316,660,000 after acquiring an additional 221,459 shares in the last quarter. Van ECK Associates Corp boosted its position in Wells Fargo & Company by 3.9% during the 4th quarter. Van ECK Associates Corp now owns 7,379,417 shares of the financial services provider’s stock worth $363,215,000 after acquiring an additional 276,297 shares during the period. Finally, Nordea Investment Management AB grew its stake in Wells Fargo & Company by 42.7% during the 4th quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock valued at $285,668,000 after acquiring an additional 1,729,132 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 price target (up from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. HSBC increased their target price on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Odeon Capital Group cut shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 price target on the stock. in a report on Thursday, January 18th. Jefferies Financial Group increased their price objective on Wells Fargo & Company from $52.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Finally, Evercore ISI boosted their target price on Wells Fargo & Company from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Thursday, March 28th. Fourteen analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $58.99.

Wells Fargo & Company Stock Up 0.3 %

WFC stock opened at $59.50 on Thursday. The stock has a market capitalization of $210.65 billion, a price-to-earnings ratio of 12.42, a price-to-earnings-growth ratio of 1.15 and a beta of 1.18. The company has a 50-day moving average of $57.38 and a two-hundred day moving average of $50.03. Wells Fargo & Company has a 52-week low of $36.40 and a 52-week high of $61.76. 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 (NYSE:WFC) last posted its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.10. The business had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The firm’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.23 EPS. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.06 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.40 annualized dividend and a dividend yield of 2.35%. Wells Fargo & Company’s payout ratio is 29.23%.

Wells Fargo & Company Company Profile

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.