Livingston Group Asset Management CO operating as Southport Capital Management decreased its position in shares of Wells Fargo & Co (NYSE:WFC) by 1.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,807 shares of the financial services provider’s stock after selling 296 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in Wells Fargo & Co were worth $1,100,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently modified their holdings of the stock. Evolution Wealth Advisors LLC bought a new position in shares of Wells Fargo & Co during the second quarter valued at $25,000. Horan Capital Advisors LLC. bought a new position in shares of Wells Fargo & Co during the third quarter valued at $25,000. Next Capital Management LLC bought a new position in shares of Wells Fargo & Co during the second quarter valued at $32,000. NuWave Investment Management LLC raised its stake in Wells Fargo & Co by 122.3% during the third quarter. NuWave Investment Management LLC now owns 798 shares of the financial services provider’s stock worth $39,000 after buying an additional 439 shares during the last quarter. Finally, Global Trust Asset Management LLC raised its stake in Wells Fargo & Co by 643.0% during the second quarter. Global Trust Asset Management LLC now owns 5,506 shares of the financial services provider’s stock worth $40,000 after buying an additional 4,765 shares during the last quarter. 75.25% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE WFC traded up $0.06 during mid-day trading on Monday, reaching $51.63. 973,440 shares of the company’s stock traded hands, compared to its average volume of 23,131,486. The stock has a market cap of $225.15 billion, a P/E ratio of 11.79, a PEG ratio of 1.06 and a beta of 1.11. The business has a 50-day simple moving average of $49.24 and a 200 day simple moving average of $47.26. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $55.04. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.86 and a quick ratio of 0.85.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.23). Wells Fargo & Co had a net margin of 21.67% and a return on equity of 13.01%. The firm had revenue of $22.01 billion for the quarter, compared to the consensus estimate of $21.32 billion. During the same period in the previous year, the business earned $1.13 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Equities research analysts anticipate that Wells Fargo & Co will post 4.52 earnings per share for the current fiscal year.
Wells Fargo & Co declared that its board has authorized a share repurchase plan on Tuesday, July 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date is Thursday, November 7th. Wells Fargo & Co’s payout ratio is currently 46.58%.
A number of equities analysts recently weighed in on WFC shares. Bank of America set a $50.00 target price on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. lowered their target price on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research note on Tuesday, July 9th. Macquarie downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $54.00 to $47.00 in a research note on Wednesday, July 17th. Wolfe Research downgraded shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Finally, Morgan Stanley lifted their target price on shares of Wells Fargo & Co from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Four investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $49.75.
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. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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