PHH Investments Ltd. cut its stake in shares of Wells Fargo (NYSE:WFC) by 5.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,382 shares of the financial services provider’s stock after selling 1,754 shares during the quarter. Wells Fargo comprises approximately 0.5% of PHH Investments Ltd.’s investment portfolio, making the stock its 19th biggest holding. PHH Investments Ltd.’s holdings in Wells Fargo were worth $1,783,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. CI Global Investments Inc. boosted its holdings in Wells Fargo by 509.4% in the third quarter. CI Global Investments Inc. now owns 3,319,943 shares of the financial services provider’s stock valued at $183,095,000 after purchasing an additional 2,775,177 shares during the last quarter. Comerica Bank boosted its stake in shares of Wells Fargo by 20.2% during the 3rd quarter. Comerica Bank now owns 1,672,928 shares of the financial services provider’s stock worth $93,433,000 after acquiring an additional 280,576 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Wells Fargo by 1.0% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 1,137,449 shares of the financial services provider’s stock worth $62,730,000 after acquiring an additional 11,336 shares in the last quarter. Allen Investment Management LLC purchased a new stake in shares of Wells Fargo during the 3rd quarter worth about $484,000. Finally, Heritage Wealth Advisors boosted its stake in shares of Wells Fargo by 12.6% during the 3rd quarter. Heritage Wealth Advisors now owns 27,115 shares of the financial services provider’s stock worth $1,495,000 after acquiring an additional 3,025 shares in the last quarter. 76.79% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised shares of Wells Fargo to a “buy” rating in a research note on Monday, April 30th. Morgan Stanley lowered their target price on shares of Wells Fargo from $60.00 to $57.00 and set an “underweight” rating on the stock in a research note on Monday, April 30th. Macquarie raised shares of Wells Fargo from an “underperform” rating to an “outperform” rating in a research note on Monday, April 30th. Susquehanna Bancshares set a $58.00 target price on shares of Wells Fargo and gave the stock a “hold” rating in a research note on Monday, April 23rd. Finally, Barclays lowered their target price on shares of Wells Fargo from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday, April 16th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $61.83.
Wells Fargo (NYSE:WFC) last released its quarterly earnings data on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.05. The company had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $21.74 billion. Wells Fargo had a net margin of 22.80% and a return on equity of 12.46%. Wells Fargo’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.00 EPS. sell-side analysts expect that Wells Fargo will post 4.57 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 4th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $1.56 dividend on an annualized basis and a yield of 2.88%. Wells Fargo’s payout ratio is 37.96%.
Wells Fargo announced that its board has approved a share buyback plan on Tuesday, January 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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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