Wells Fargo & Co (WFC) Stake Cut by Hedeker Wealth LLC

Wells Fargo & Co (WFC) Stake Cut by Hedeker Wealth LLC

Hedeker Wealth LLC cut its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 1.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,345 shares of the financial services provider’s stock after selling 431 shares during the period. Hedeker Wealth LLC’s holdings in Wells Fargo & Co were worth $1,306,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Capital International Investors boosted its position in Wells Fargo & Co by 270.1% during the third quarter. Capital International Investors now owns 89,775,252 shares of the financial services provider’s stock worth $4,718,587,000 after purchasing an additional 65,517,025 shares during the period. Primecap Management Co. CA boosted its position in Wells Fargo & Co by 47.1% during the third quarter. Primecap Management Co. CA now owns 38,512,187 shares of the financial services provider’s stock worth $2,024,201,000 after purchasing an additional 12,337,098 shares during the period. Magellan Asset Management Ltd boosted its position in Wells Fargo & Co by 0.3% during the second quarter. Magellan Asset Management Ltd now owns 31,103,695 shares of the financial services provider’s stock worth $1,724,389,000 after purchasing an additional 78,797 shares during the period. TIAA CREF Investment Management LLC boosted its position in Wells Fargo & Co by 5.7% during the third quarter. TIAA CREF Investment Management LLC now owns 15,545,982 shares of the financial services provider’s stock worth $817,097,000 after purchasing an additional 839,794 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in Wells Fargo & Co by 1.3% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,628,723 shares of the financial services provider’s stock worth $768,886,000 after purchasing an additional 188,734 shares during the period. Institutional investors own 72.92% of the company’s stock.

A number of equities analysts have commented on the stock. BMO Capital Markets lifted their price objective on shares of Wells Fargo & Co to $65.00 and gave the stock a “market perform” rating in a research report on Monday, October 15th. Robert W. Baird reissued a “buy” rating and set a $59.00 target price on shares of Wells Fargo & Co in a report on Wednesday, January 2nd. ValuEngine downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Wednesday, December 12th. Wolfe Research downgraded Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 8th. Finally, Barclays dropped their price target on 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. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve 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 $61.33.

Wells Fargo & Co stock traded down $0.43 during midday trading on Friday, reaching $47.65. The company’s stock had a trading volume of 20,641,209 shares, compared to its average volume of 20,885,244. The stock has a market cap of $232.42 billion, a PE ratio of 10.88, a P/E/G ratio of 0.86 and a beta of 1.11. 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 52 week low of $43.02 and a 52 week high of $61.26.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, January 15th. The financial services provider reported $1.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.04. The company had revenue of $20.98 billion for the quarter, compared to analysts’ expectations of $21.80 billion. Wells Fargo & Co had a return on equity of 13.34% and a net margin of 22.95%. The business’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.16 earnings per share. As a group, analysts expect that Wells Fargo & Co will post 4.96 earnings per share for the current year.

Wells Fargo & Co announced that its Board of Directors has approved a stock buyback plan on Tuesday, October 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 usually a sign that the company’s board of directors believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 1st will be issued a $0.45 dividend. The ex-dividend date of this dividend is Thursday, January 31st. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a yield of 3.78%. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.

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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