Cooke & Bieler LP reduced its holdings in shares of Wells Fargo (NYSE:WFC) by 9.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,743,947 shares of the financial services provider’s stock after selling 188,621 shares during the quarter. Wells Fargo accounts for 1.9% of Cooke & Bieler LP’s portfolio, making the stock its 18th largest position. Cooke & Bieler LP’s holdings in Wells Fargo were worth $105,805,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Summit Financial Strategies Inc. purchased a new stake in Wells Fargo during the fourth quarter worth approximately $209,000. Carret Asset Management LLC grew its stake in 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 buying an additional 1,446 shares during the period. Heritage Way Advisors LLC grew its stake in 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 buying an additional 25,407 shares during the period. Western Standard LLC grew its stake in 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 buying an additional 30,653 shares during the period. Finally, Personal Capital Advisors Corp grew its stake in 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 buying an additional 26,614 shares during the period. Institutional investors own 77.33% of the company’s stock.
Several equities research analysts have issued reports on the stock. Bank of America decreased their price objective on shares of Wells Fargo from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Monday, February 5th. Morgan Stanley downgraded shares of Wells Fargo from an “equal weight” rating to an “underweight” rating in a research note on Monday, February 5th. JPMorgan Chase downgraded shares of Wells Fargo from a “neutral” rating to an “underweight” rating in a research note on Monday, February 5th. Vetr upgraded shares of Wells Fargo from a “sell” rating to a “hold” rating and set a $54.10 target price for the company in a research note on Thursday. Finally, UBS upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Thursday. Six analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $62.31.
WFC opened at $52.23 on Friday. The firm has a market capitalization of $259,789.17, a P/E ratio of 12.71, a P/E/G ratio of 1.40 and a beta of 1.13. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. Wells Fargo has a 12-month low of $49.27 and a 12-month high of $66.31.
Wells Fargo (NYSE:WFC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). The business had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the company posted $0.96 earnings per share. equities research analysts anticipate that Wells Fargo will post 4.7 EPS for the current fiscal year.
Wells Fargo announced that its Board of Directors has authorized a share buyback program on Tuesday, January 23rd that allows the company to buyback 350,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.
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Wells Fargo Profile
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.
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