State of New Jersey Common Pension Fund D reduced its position in Wells Fargo & Company (NYSE:WFC) by 5.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,074,457 shares of the financial services provider's stock after selling 120,700 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of Wells Fargo & Company worth $84,762,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Studio Investment Management LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company in the 1st quarter valued at about $28,000. Baystate Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 53.0% in the 3rd quarter. Baystate Wealth Management LLC now owns 803 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 278 shares during the last quarter. Impact Partnership Wealth LLC purchased a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at about $34,000. Finally, Central Bank & Trust Co. lifted its holdings in shares of Wells Fargo & Company by 444.8% in the 3rd quarter. Central Bank & Trust Co. now owns 899 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 734 shares during the last quarter. 72.47% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Wells Fargo & Company
In related news, Director Richard K. Davis bought 3,500 shares of the stock in a transaction on Thursday, November 9th. The shares were purchased at an average price of $41.22 per share, for a total transaction of $144,270.00. Following the acquisition, the director now owns 4,244 shares in the company, valued at $174,937.68. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.07% of the stock is owned by insiders.
Wells Fargo & Company Price Performance
Shares of WFC traded up $0.19 on Wednesday, reaching $48.48. The stock had a trading volume of 15,829,214 shares, compared to its average volume of 18,434,832. The firm has a market capitalization of $176.06 billion, a PE ratio of 10.02, a PEG ratio of 1.01 and a beta of 1.18. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.24. The firm has a 50-day moving average of $48.30 and a 200 day moving average of $44.19. Wells Fargo & Company has a twelve month low of $35.25 and a twelve month high of $51.44.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share for the quarter, missing analysts' consensus estimates of $1.16 by ($0.30). The firm had revenue of $20.48 billion during the quarter, compared to analyst estimates of $20.30 billion. Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. The business's revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 EPS. Sell-side analysts expect that Wells Fargo & Company will post 4.72 EPS for the current year.
Wells Fargo & Company Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 2nd will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Thursday, February 1st. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.05%.
Wall Street Analyst Weigh In
Several analysts have commented on WFC shares. Morgan Stanley upped their price objective on Wells Fargo & Company from $54.00 to $63.00 and gave the company an "overweight" rating in a research note on Tuesday, January 30th. Raymond James upped their price objective on Wells Fargo & Company from $55.00 to $58.00 and gave the company a "strong-buy" rating in a research note on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $51.00 price objective on shares of Wells Fargo & Company in a research note on Tuesday, January 9th. Barclays upped their price objective on Wells Fargo & Company from $54.00 to $66.00 and gave the company an "overweight" rating in a research note on Tuesday, January 2nd. Finally, UBS Group upped their price objective on Wells Fargo & Company from $51.00 to $53.00 in a research note on Thursday, October 12th. Ten investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $51.43.
View Our Latest Report on WFC
Wells Fargo & Company Profile
(
Free Report)
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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