CCM Investment Advisers LLC trimmed its position in Wells Fargo (NYSE:WFC) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,158 shares of the financial services provider’s stock after selling 8,145 shares during the period. Wells Fargo makes up about 1.9% of CCM Investment Advisers LLC’s holdings, making the stock its 23rd biggest position. CCM Investment Advisers LLC’s holdings in Wells Fargo were worth $9,959,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of WFC. Dimensional Fund Advisors LP lifted its holdings in Wells Fargo by 17.8% in the third quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock valued at $1,937,888,000 after acquiring an additional 5,305,125 shares during the period. Viking Global Investors LP raised its stake in shares of Wells Fargo by 181.3% during the 4th quarter. Viking Global Investors LP now owns 5,338,016 shares of the financial services provider’s stock worth $323,857,000 after buying an additional 3,440,121 shares during the last quarter. CI Global Investments Inc. raised its stake in shares of Wells Fargo by 509.4% during the 3rd quarter. CI Global Investments Inc. now owns 3,319,943 shares of the financial services provider’s stock worth $183,095,000 after buying an additional 2,775,177 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of Wells Fargo by 23.6% during the 3rd quarter. Prudential Financial Inc. now owns 12,504,107 shares of the financial services provider’s stock worth $689,601,000 after buying an additional 2,384,872 shares during the last quarter. Finally, Ruane Cunniff & Goldfarb Inc. raised its stake in shares of Wells Fargo by 35.9% during the 3rd quarter. Ruane Cunniff & Goldfarb Inc. now owns 6,673,316 shares of the financial services provider’s stock worth $368,033,000 after buying an additional 1,763,235 shares during the last quarter. Hedge funds and other institutional investors own 76.79% of the company’s stock.
Shares of Wells Fargo opened at $54.22 on Friday, Marketbeat reports. Wells Fargo has a twelve month low of $54.54 and a twelve month high of $54.94. The stock has a market capitalization of $267.06 billion, a P/E ratio of 13.19, a PEG ratio of 1.48 and a beta of 1.13. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.88 and a quick ratio of 0.86.
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 net margin of 22.80% and a return on equity of 12.46%. The firm had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $21.74 billion. During the same quarter in the previous year, the company posted $1.00 EPS. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. analysts expect that Wells Fargo will post 4.57 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 4th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Thursday, May 3rd. Wells Fargo’s payout ratio is 37.96%.
Wells Fargo announced that its board has approved a stock repurchase plan on Tuesday, January 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several research analysts have recently issued reports on WFC shares. Morgan Stanley lifted their price target on Wells Fargo from $72.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. JPMorgan Chase downgraded Wells Fargo from a “neutral” rating to an “underweight” rating in a research note on Monday, February 5th. Vetr raised Wells Fargo from a “strong sell” rating to a “sell” rating and set a $54.78 price target for the company in a research note on Monday, February 5th. Vining Sparks reaffirmed a “buy” rating and set a $68.50 price target on shares of Wells Fargo in a research note on Monday, February 5th. Finally, UBS raised Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Thursday, April 5th. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company’s stock. Wells Fargo has an average rating of “Hold” and a consensus target price of $61.83.
About Wells Fargo
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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