Hightower 6M Holding LLC bought a new stake in shares of Wells Fargo & Company (NYSE:WFC – Get Rating) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 36,514 shares of the financial services provider’s stock, valued at approximately $1,769,000.
Several other institutional investors and hedge funds have also modified their holdings of WFC. Norges Bank bought a new stake in Wells Fargo & Company during the fourth quarter valued at about $1,566,470,000. Capital World Investors raised its holdings in shares of Wells Fargo & Company by 37.4% during the 4th quarter. Capital World Investors now owns 30,966,799 shares of the financial services provider’s stock worth $1,485,787,000 after acquiring an additional 8,421,820 shares in the last quarter. Ardevora Asset Management LLP bought a new position in shares of Wells Fargo & Company during the 1st quarter valued at approximately $117,767,000. Voleon Capital Management LP purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $83,965,000. Finally, Schonfeld Strategic Advisors LLC increased its position in Wells Fargo & Company by 128.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 2,586,155 shares of the financial services provider’s stock worth $124,085,000 after purchasing an additional 1,452,365 shares during the last quarter. Hedge funds and other institutional investors own 74.01% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on WFC shares. Raymond James dropped their price objective on shares of Wells Fargo & Company from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, June 24th. Barclays reduced their price objective on Wells Fargo & Company from $64.00 to $58.00 and set an “overweight” rating on the stock in a research note on Monday, July 18th. Jefferies Financial Group lowered their price objective on Wells Fargo & Company from $55.00 to $47.00 in a research note on Monday, July 11th. Royal Bank of Canada dropped their target price on Wells Fargo & Company from $55.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, July 1st. Finally, Credit Suisse Group lowered their price target on Wells Fargo & Company from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, July 18th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $55.31.
Wells Fargo & Company Trading Up 0.7 %
Wells Fargo & Company (NYSE:WFC – Get Rating) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.14). The business had revenue of $17.03 billion during the quarter, compared to analyst estimates of $17.54 billion. Wells Fargo & Company had a return on equity of 10.67% and a net margin of 22.52%. The firm’s revenue was down 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.38 EPS. On average, equities research analysts anticipate that Wells Fargo & Company will post 4 earnings per share for the current year.
Wells Fargo & Company Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 5th will be given a dividend of $0.30 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 2.61%. The ex-dividend date is Thursday, August 4th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.78%.
Wells Fargo & Company Profile
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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