Wells Fargo (WFC) Holdings Trimmed by State Treasurer State of Michigan

State Treasurer State of Michigan trimmed its holdings in shares of Wells Fargo (NYSE:WFC) by 1.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,400,997 shares of the financial services provider’s stock after selling 56,600 shares during the period. Wells Fargo comprises 2.1% of State Treasurer State of Michigan’s investment portfolio, making the stock its 5th largest position. State Treasurer State of Michigan owned 0.09% of Wells Fargo worth $267,008,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in WFC. Heartland Advisors Inc. lifted its position in shares of Wells Fargo by 3.9% during the second quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock worth $15,102,000 after purchasing an additional 10,318 shares in the last quarter. Carret Asset Management LLC lifted its position in shares of Wells Fargo by 2.8% during the third quarter. Carret Asset Management LLC now owns 53,814 shares of the financial services provider’s stock worth $2,968,000 after purchasing an additional 1,446 shares in the last quarter. Western Standard LLC lifted its position in shares of Wells Fargo by 96.8% during the third quarter. Western Standard LLC now owns 62,315 shares of the financial services provider’s stock worth $3,437,000 after purchasing an additional 30,653 shares in the last quarter. Personal Capital Advisors Corp lifted its position in shares of Wells Fargo by 5.0% during the third quarter. Personal Capital Advisors Corp now owns 554,429 shares of the financial services provider’s stock worth $30,577,000 after purchasing an additional 26,614 shares in the last quarter. Finally, Heritage Way Advisors LLC lifted its position in shares of Wells Fargo by 69.2% during the fourth quarter. Heritage Way Advisors LLC now owns 62,100 shares of the financial services provider’s stock worth $3,768,000 after purchasing an additional 25,407 shares in the last quarter. 77.32% of the stock is currently owned by hedge funds and other institutional investors.

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A number of research analysts have recently commented on WFC shares. Morgan Stanley boosted their target price on shares of Wells Fargo from $72.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Sandler O’Neill upgraded shares of Wells Fargo from a “hold” rating to a “buy” rating and lifted their price target for the stock from $62.04 to $73.00 in a research note on Tuesday, January 9th. JPMorgan Chase & Co. lowered shares of Wells Fargo from a “neutral” rating to an “underweight” rating in a research note on Monday, February 5th. Sanford C. Bernstein upgraded shares of Wells Fargo from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $64.00 to $69.00 in a research note on Wednesday, January 3rd. Finally, Vetr upgraded shares of Wells Fargo from a “strong sell” rating to a “sell” rating and set a $54.78 price target for the company in a research note on Monday, February 5th. Six analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $62.90.

Shares of WFC stock opened at $50.98 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23. Wells Fargo has a 12 month low of $49.27 and a 12 month high of $66.31. The firm has a market cap of $267,252.16, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 1.43 and a beta of 1.08.

Wells Fargo (NYSE:WFC) last released its earnings results 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). Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. The business had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter in the previous year, the firm earned $0.96 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. equities research analysts forecast that Wells Fargo will post 4.72 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.56 annualized dividend and a dividend yield of 3.06%. Wells Fargo’s dividend payout ratio is currently 38.33%.

Wells Fargo declared that its board has approved a stock repurchase program on Tuesday, January 23rd that permits the company to buyback 350,000,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

In other news, Director Ronald Sargent purchased 9,000 shares of the stock in a transaction dated Monday, February 12th. The stock was acquired at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the transaction, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.22% of the stock is currently owned by corporate insiders.

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About Wells Fargo

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

Institutional Ownership by Quarter for Wells Fargo (NYSE:WFC)

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