Wells Fargo & Co (WFC) Position Lowered by Parsec Financial Management Inc.

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Parsec Financial Management Inc. lessened its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 11.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 129,381 shares of the financial services provider’s stock after selling 17,288 shares during the quarter. Parsec Financial Management Inc.’s holdings in Wells Fargo & Co were worth $5,962,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in WFC. First Bank & Trust grew its stake in shares of Wells Fargo & Co by 1.2% in the fourth quarter. First Bank & Trust now owns 23,961 shares of the financial services provider’s stock worth $1,104,000 after acquiring an additional 285 shares during the last quarter. Berkshire Asset Management LLC PA grew its stake in shares of Wells Fargo & Co by 3.3% in the third quarter. Berkshire Asset Management LLC PA now owns 507,054 shares of the financial services provider’s stock worth $26,651,000 after acquiring an additional 16,315 shares during the last quarter. Rossmore Private Capital grew its stake in shares of Wells Fargo & Co by 33.5% in the third quarter. Rossmore Private Capital now owns 28,983 shares of the financial services provider’s stock worth $1,523,000 after acquiring an additional 7,280 shares during the last quarter. Salem Capital Management Inc. grew its stake in shares of Wells Fargo & Co by 21.5% in the fourth quarter. Salem Capital Management Inc. now owns 55,141 shares of the financial services provider’s stock worth $2,541,000 after acquiring an additional 9,775 shares during the last quarter. Finally, Barings LLC grew its stake in shares of Wells Fargo & Co by 10.0% in the third quarter. Barings LLC now owns 64,021 shares of the financial services provider’s stock worth $3,364,000 after acquiring an additional 5,800 shares during the last quarter. Institutional investors own 73.33% of the company’s stock.

A number of equities research analysts have recently commented on WFC shares. Wolfe Research cut Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 8th. Royal Bank of Canada raised Wells Fargo & Co from an “underperform” rating to a “sector perform” rating and set a $45.50 target price on the stock in a research note on Wednesday, January 2nd. Barclays cut their target price on Wells Fargo & Co from $66.00 to $64.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 2nd. Citigroup raised Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research report on Friday, November 2nd. Finally, Macquarie raised Wells Fargo & Co from a “neutral” rating to an “outperform” rating in a research report on Monday, October 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company’s stock. Wells Fargo & Co presently has an average rating of “Hold” and a consensus price target of $61.33.

Wells Fargo & Co stock opened at $47.65 on Monday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.87 and a current ratio of 0.88. Wells Fargo & Co has a one year low of $43.02 and a one year high of $61.26. The firm has a market cap of $232.42 billion, a P/E ratio of 10.88, a price-to-earnings-growth ratio of 0.86 and a beta of 1.11.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Tuesday, January 15th. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.17 by $0.04. Wells Fargo & Co had a return on equity of 13.34% and a net margin of 22.95%. The company had revenue of $20.98 billion for the quarter, compared to analysts’ expectations of $21.80 billion. During the same period last year, the firm posted $1.16 earnings per share. Wells Fargo & Co’s revenue was down 4.9% compared to the same quarter last year. As a group, equities analysts anticipate that Wells Fargo & Co will post 4.96 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 1st will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, January 31st. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 3.78%. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.10%.

Wells Fargo & Co declared that its Board of Directors has initiated a stock repurchase program on Tuesday, October 23rd that permits the company to repurchase 350,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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About Wells Fargo & Co

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

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