Fosun International Ltd reduced its position in shares of Wells Fargo & Co (NYSE:WFC) by 42.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,000 shares of the financial services provider’s stock after selling 5,790 shares during the period. Fosun International Ltd’s holdings in Wells Fargo & Co were worth $239,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WFC. Norges Bank bought a new position in shares of Wells Fargo & Co in the fourth quarter worth about $2,157,509,000. Hotchkis & Wiley Capital Management LLC increased its position in Wells Fargo & Co by 2.5% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 20,190,409 shares of the financial services provider’s stock worth $1,086,244,000 after purchasing an additional 488,783 shares in the last quarter. Sanders Capital LLC increased its position in Wells Fargo & Co by 13.0% during the 4th quarter. Sanders Capital LLC now owns 19,987,319 shares of the financial services provider’s stock worth $1,190,684,000 after purchasing an additional 2,304,769 shares in the last quarter. Capital Research Global Investors lifted its stake in Wells Fargo & Co by 227.0% in the 4th quarter. Capital Research Global Investors now owns 19,840,076 shares of the financial services provider’s stock valued at $1,067,396,000 after purchasing an additional 13,773,468 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in Wells Fargo & Co by 1.2% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 16,227,543 shares of the financial services provider’s stock valued at $465,730,000 after buying an additional 193,361 shares in the last quarter. Hedge funds and other institutional investors own 74.93% of the company’s stock.
Shares of NYSE:WFC traded down $0.29 during midday trading on Friday, reaching $24.17. The company’s stock had a trading volume of 29,967,288 shares, compared to its average volume of 49,031,396. The firm has a market capitalization of $100.29 billion, a price-to-earnings ratio of 8.54, a PEG ratio of 3.05 and a beta of 1.18. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.85 and a current ratio of 0.87. The firm has a 50 day moving average price of $27.22 and a two-hundred day moving average price of $42.32. Wells Fargo & Co has a fifty-two week low of $22.00 and a fifty-two week high of $54.75.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, April 14th. The financial services provider reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.85). Wells Fargo & Co had a return on equity of 9.28% and a net margin of 14.52%. The business had revenue of $17.72 billion during the quarter, compared to the consensus estimate of $19.40 billion. During the same quarter in the previous year, the firm posted $1.20 earnings per share. The company’s revenue for the quarter was down 18.0% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Co will post 0.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Thursday, May 7th. This represents a $2.04 annualized dividend and a dividend yield of 8.44%. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.
In related news, Director Charles H. Noski acquired 20,000 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were purchased at an average price of $29.53 per share, for a total transaction of $590,600.00. Following the completion of the acquisition, the director now owns 74 shares of the company’s stock, valued at $2,185.22. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Charles W. Scharf acquired 173,000 shares of the business’s stock in a transaction dated Friday, March 13th. The shares were bought at an average cost of $28.69 per share, for a total transaction of $4,963,370.00. Following the transaction, the chief executive officer now directly owns 176,916 shares in the company, valued at $5,075,720.04. The disclosure for this purchase can be found here. 0.09% of the stock is owned by insiders.
A number of brokerages have recently commented on WFC. Citigroup dropped their price target on Wells Fargo & Co from $43.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, March 27th. Deutsche Bank dropped their target price on Wells Fargo & Co from $47.00 to $34.00 and set a “hold” rating for the company in a research report on Thursday, April 2nd. Zacks Investment Research raised Wells Fargo & Co from a “strong sell” rating to a “hold” rating and set a $23.00 price target on the stock in a research note on Tuesday, March 17th. ValuEngine raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Wednesday, April 15th. Finally, Odeon Capital Group upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Thursday, March 26th. Six investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have assigned a buy rating to the company. Wells Fargo & Co has an average rating of “Hold” and an average price target of $38.93.
Wells Fargo & Co Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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