Colonial Trust Advisors purchased a new stake in Wells Fargo (NYSE:WFC) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 9,518 shares of the financial services provider’s stock, valued at approximately $578,000.
A number of other hedge funds also recently bought and sold shares of the business. Delpha Capital Management LLC purchased a new position in shares of Wells Fargo in the 4th quarter valued at about $103,000. Stelac Advisory Services LLC purchased a new position in shares of Wells Fargo in the 4th quarter valued at about $109,000. Santori & Peters Inc. purchased a new position in shares of Wells Fargo in the 4th quarter valued at about $110,000. Cerebellum GP LLC purchased a new position in shares of Wells Fargo in the 4th quarter valued at about $132,000. Finally, Delphi Private Advisors LLC increased its holdings in shares of Wells Fargo by 439.9% in the 4th quarter. Delphi Private Advisors LLC now owns 2,462 shares of the financial services provider’s stock valued at $149,000 after acquiring an additional 2,006 shares during the last quarter. 76.79% of the stock is currently owned by institutional investors.
A number of research analysts have recently commented on WFC shares. Morgan Stanley increased their price objective on Wells Fargo from $72.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods downgraded Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 price objective on the stock. in a report on Sunday, February 4th. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price objective on shares of Wells Fargo in a report on Monday, February 5th. Citigroup downgraded Wells Fargo from a “buy” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a report on Monday, February 5th. Finally, Royal Bank of Canada downgraded Wells Fargo from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $61.83.
Wells Fargo (NYSE:WFC) last announced its earnings results on Friday, April 13th. The financial services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.05. Wells Fargo had a return on equity of 12.46% and a net margin of 22.80%. The company had revenue of $21.93 billion for the quarter, compared to the consensus estimate of $21.74 billion. During the same period last year, the business posted $1.00 EPS. The company’s revenue was down 1.4% on a year-over-year basis. equities analysts expect that Wells Fargo will post 4.57 EPS for the current year.
Wells Fargo declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 4th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $1.56 annualized dividend and a dividend yield of 2.88%. Wells Fargo’s dividend payout ratio (DPR) is currently 37.96%.
Wells Fargo Company 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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