Bristol John W & Co. Inc. NY cut its stake in shares of Wells Fargo & Co (NYSE:WFC) by 1.0% in the first quarter, Holdings Channel reports. The institutional investor owned 1,038,185 shares of the financial services provider’s stock after selling 10,257 shares during the quarter. Bristol John W & Co. Inc. NY’s holdings in Wells Fargo & Co were worth $50,165,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Orrstown Financial Services Inc. raised its stake in Wells Fargo & Co by 125.9% during the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after buying an additional 287 shares during the last quarter. Nalls Sherbakoff Group LLC purchased a new stake in Wells Fargo & Co during the 4th quarter valued at $32,000. Athena Capital Advisors LLC purchased a new stake in Wells Fargo & Co during the 4th quarter valued at $42,000. Legacy Advisors LLC purchased a new stake in Wells Fargo & Co during the 1st quarter valued at $57,000. Finally, Mercer Capital Advisers Inc. raised its stake in Wells Fargo & Co by 81.3% during 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. Institutional investors and hedge funds own 72.13% of the company’s stock.
Shares of WFC stock opened at $46.74 on Friday. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.35. The firm has a market capitalization of $229.25 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 0.92 and a beta of 1.09.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. The business had revenue of $21.61 billion during the quarter, compared to analyst estimates of $20.89 billion. During the same quarter in the prior year, the business posted $0.96 EPS. Analysts expect that Wells Fargo & Co will post 4.75 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be paid a $0.45 dividend. The ex-dividend date is Thursday, May 9th. This represents a $1.80 dividend on an annualized basis and a yield of 3.85%. Wells Fargo & Co’s payout ratio is presently 41.10%.
A number of equities research analysts have weighed in on the stock. Deutsche Bank lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and decreased their target price for the company from $56.00 to $54.00 in a research note on Friday, March 29th. BMO Capital Markets reduced their price objective on Wells Fargo & Co from $65.00 to $63.00 and set a “market perform” rating for the company in a research note on Monday, April 15th. Morgan Stanley reduced their price objective on Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, April 15th. Keefe, Bruyette & Woods lowered Wells Fargo & Co from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $58.00 to $50.00 in a research note on Sunday, March 31st. Finally, Goldman Sachs Group lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $58.00 to $48.00 in a research note on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $56.35.
Wells Fargo & Co 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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