Marathon Asset Management LLP lifted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 11.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,002,942 shares of the financial services provider’s stock after acquiring an additional 210,066 shares during the period. Wells Fargo & Co accounts for approximately 1.9% of Marathon Asset Management LLP’s portfolio, making the stock its 16th biggest holding. Marathon Asset Management LLP’s holdings in Wells Fargo & Co were worth $121,536,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of WFC. Beach Investment Management LLC. acquired a new stake in shares of Wells Fargo & Co during the second quarter valued at $1,010,000. Pinnacle Financial Partners Inc. boosted its stake in shares of Wells Fargo & Co by 4.8% during the second quarter. Pinnacle Financial Partners Inc. now owns 150,389 shares of the financial services provider’s stock valued at $8,334,000 after acquiring an additional 6,919 shares during the last quarter. Rational Advisors LLC acquired a new stake in shares of Wells Fargo & Co during the second quarter valued at $1,152,000. QV Investors Inc. boosted its stake in shares of Wells Fargo & Co by 7.9% during the second quarter. QV Investors Inc. now owns 1,652,832 shares of the financial services provider’s stock valued at $91,583,000 after acquiring an additional 120,340 shares during the last quarter. Finally, Savant Capital LLC boosted its stake in shares of Wells Fargo & Co by 0.4% during the second quarter. Savant Capital LLC now owns 49,520 shares of the financial services provider’s stock valued at $2,744,000 after acquiring an additional 182 shares during the last quarter. 75.69% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts recently commented on WFC shares. Vetr lowered Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $54.49 price objective on the stock. in a research note on Thursday, November 2nd. Royal Bank of Canada reissued a “buy” rating and issued a $60.00 price target on shares of Wells Fargo & Co in a research note on Wednesday, November 15th. Vertical Group raised Wells Fargo & Co from a “sell” rating to a “buy” rating in a research note on Thursday, December 7th. Zacks Investment Research raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, December 19th. Finally, Buckingham Research raised Wells Fargo & Co from a “neutral” rating to a “buy” rating and raised their price target for the stock from $57.00 to $75.00 in a research note on Thursday, December 21st. They noted that the move was a valuation call. Six analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $62.90.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.07). The firm had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. Wells Fargo & Co had a net margin of 13.12% and a return on equity of 5.30%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.96 earnings per share. sell-side analysts anticipate that Wells Fargo & Co will post 4.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio is currently 45.22%.
Wells Fargo & Co announced that its Board of Directors has approved a stock repurchase plan on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In related news, VP Richard Levy sold 97,000 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $56.47, for a total transaction of $5,477,590.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ronald Sargent bought 9,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were bought at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the acquisition, the director now owns 81 shares in the company, valued at approximately $4,534.38. The disclosure for this purchase can be found here. Insiders sold a total of 184,482 shares of company stock worth $10,471,050 over the last ninety days. Corporate insiders own 0.22% of the company’s stock.
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Wells Fargo & Co Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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