Pinnacle Associates Ltd. boosted its holdings in Wells Fargo & Co (NYSE:WFC) by 1.3% during the 4th quarter, HoldingsChannel reports. The fund owned 81,030 shares of the financial services provider’s stock after purchasing an additional 1,056 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Wells Fargo & Co were worth $3,734,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Mercer Capital Advisers Inc. increased its stake in Wells Fargo & Co by 81.3% in the 4th quarter. Mercer Capital Advisers Inc. now owns 1,171 shares of the financial services provider’s stock valued at $54,000 after buying an additional 525 shares during the last quarter. Patriot Financial Group Insurance Agency LLC increased its stake in Wells Fargo & Co by 72.4% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 1,405 shares of the financial services provider’s stock valued at $65,000 after buying an additional 590 shares during the last quarter. Ruggie Capital Group purchased a new stake in Wells Fargo & Co in the 4th quarter valued at about $80,000. Financial Gravity Companies Inc. purchased a new stake in Wells Fargo & Co in the 4th quarter valued at about $82,000. Finally, JJJ Advisors Inc. purchased a new stake in Wells Fargo & Co in the 4th quarter valued at about $102,000. 72.94% of the stock is currently owned by institutional investors and hedge funds.
Shares of WFC stock opened at $49.89 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.32. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $59.53. The company has a market cap of $239.11 billion, a PE ratio of 11.39, a P/E/G ratio of 0.89 and a beta of 1.11.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Tuesday, January 15th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.04. Wells Fargo & Co had a net margin of 22.95% and a return on equity of 13.34%. The company had revenue of $20.98 billion during the quarter, compared to analyst estimates of $21.80 billion. During the same quarter last year, the business posted $1.16 EPS. Wells Fargo & Co’s quarterly revenue was down 4.9% compared to the same quarter last year. Equities analysts forecast that Wells Fargo & Co will post 4.96 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 1st will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, January 31st. This represents a $1.80 annualized dividend and a dividend yield of 3.61%. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.43. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 41.10%.
Several equities research analysts have commented on WFC shares. Wolfe Research lowered shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 8th. Royal Bank of Canada upgraded shares of Wells Fargo & Co from an “underperform” rating to a “sector perform” rating and set a $45.50 price objective for the company in a research note on Wednesday, January 2nd. Barclays decreased their price objective on shares of Wells Fargo & Co from $66.00 to $64.00 and set an “overweight” rating for the company in a research note on Wednesday, January 2nd. Citigroup upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday, November 2nd. Finally, Robert W. Baird reiterated a “buy” rating and issued a $59.00 price objective on shares of Wells Fargo & Co in a research note on Wednesday, January 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $61.33.
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Wells Fargo & Co 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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