Ferguson Wellman Capital Management Inc. cut its position in Wells Fargo & Co (NYSE:WFC) by 0.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 794,835 shares of the financial services provider’s stock after selling 5,425 shares during the period. Wells Fargo & Co comprises about 1.7% of Ferguson Wellman Capital Management Inc.’s portfolio, making the stock its 11th biggest holding. Ferguson Wellman Capital Management Inc.’s holdings in Wells Fargo & Co were worth $48,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC raised its holdings in Wells Fargo & Co by 0.3% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 6 shares in the last quarter. Westside Investment Management Inc. raised its holdings in Wells Fargo & Co by 63.9% in the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 891 shares in the last quarter. Cerebellum GP LLC acquired a new position in Wells Fargo & Co in the 4th quarter valued at $132,000. BKS Advisors LLC acquired a new position in Wells Fargo & Co in the 3rd quarter valued at $143,000. Finally, BDO Wealth Advisors LLC acquired a new position in Wells Fargo & Co in the 2nd quarter valued at $151,000. Institutional investors and hedge funds own 76.20% of the company’s stock.
In other news, Director Ronald Sargent bought 9,000 shares of the stock in a transaction on Monday, February 12th. The stock was acquired at an average price of $55.98 per share, with a total value of $503,820.00. Following the acquisition, the director now directly owns 81 shares in the company, valued at $4,534.38. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.22% of the stock is owned by corporate insiders.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The firm had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. During the same period in the previous year, the company earned $0.96 EPS. Wells Fargo & Co’s revenue for the quarter was up 2.2% on a year-over-year basis. equities analysts forecast that Wells Fargo & Co will post 4.72 earnings per share for the current year.
Wells Fargo & Co declared that its Board of Directors has initiated a share repurchase program on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd were issued a $0.39 dividend. The ex-dividend date was Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a yield of 2.68%. Wells Fargo & Co’s payout ratio is presently 43.21%.
WFC has been the subject of several analyst reports. Vetr cut Wells Fargo & Co from a “strong-buy” rating to a “sell” rating and set a $55.47 price objective for the company. in a report on Monday, January 8th. Sanford C. Bernstein raised Wells Fargo & Co from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $64.00 to $69.00 in a report on Wednesday, January 3rd. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Wells Fargo & Co in a report on Tuesday, January 16th. Atlantic Securities raised Wells Fargo & Co from an “underweight” rating to a “neutral” rating and set a $64.00 price objective for the company in a report on Wednesday, January 10th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $59.00 price objective on shares of Wells Fargo & Co in a report on Thursday, January 4th. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $62.90.
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Wells Fargo & Co Company 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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