Gamco Investors INC. ET AL trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 15.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 975,801 shares of the financial services provider's stock after selling 180,588 shares during the quarter. Gamco Investors INC. ET AL's holdings in Wells Fargo & Company were worth $39,871,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in WFC. Defender Capital LLC. acquired a new position in shares of Wells Fargo & Company during the first quarter worth about $246,000. Fairfield Bush & CO. acquired a new position in shares of Wells Fargo & Company during the first quarter worth about $124,000. Dakota Wealth Management acquired a new stake in Wells Fargo & Company in the first quarter valued at $222,000. Candriam Luxembourg S.C.A. lifted its holdings in Wells Fargo & Company by 0.3% in the first quarter. Candriam Luxembourg S.C.A. now owns 273,936 shares of the financial services provider's stock valued at $13,274,000 after acquiring an additional 770 shares during the period. Finally, Zions Bancorporation N.A. lifted its holdings in Wells Fargo & Company by 24.5% in the first quarter. Zions Bancorporation N.A. now owns 9,630 shares of the financial services provider's stock valued at $467,000 after acquiring an additional 1,895 shares during the period. 72.47% of the stock is owned by institutional investors and hedge funds.
Wells Fargo & Company Trading Down 0.8 %
Shares of Wells Fargo & Company stock traded down $0.40 during trading hours on Monday, reaching $48.76. 6,350,941 shares of the company's stock were exchanged, compared to its average volume of 18,393,281. Wells Fargo & Company has a 52-week low of $35.25 and a 52-week high of $51.44. The company has a fifty day moving average of $48.09 and a 200-day moving average of $44.16. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $177.08 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 1.02 and a beta of 1.18.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.30). Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. The business had revenue of $20.48 billion for the quarter, compared to analysts' expectations of $20.30 billion. During the same quarter last year, the company posted $0.67 earnings per share. The business's quarterly revenue was up 2.2% compared to the same quarter last year. Sell-side analysts forecast that Wells Fargo & Company will post 4.72 EPS for the current fiscal year.
Wells Fargo & Company Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 2nd will be given a $0.35 dividend. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $1.40 annualized dividend and a dividend yield of 2.87%. Wells Fargo & Company's dividend payout ratio is presently 29.05%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on WFC shares. Odeon Capital Group downgraded Wells Fargo & Company from a "buy" rating to a "hold" rating and set a $48.80 target price for the company. in a report on Thursday, January 18th. Jefferies Financial Group lowered their price target on Wells Fargo & Company from $48.00 to $43.00 in a report on Tuesday, October 10th. The Goldman Sachs Group upped their price target on Wells Fargo & Company from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, December 1st. UBS Group upped their price target on Wells Fargo & Company from $51.00 to $53.00 in a report on Thursday, October 12th. Finally, BMO Capital Markets upped their price target on Wells Fargo & Company from $52.00 to $54.00 and gave the stock a "market perform" rating in a report on Monday, October 16th. Ten equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $51.43.
Get Our Latest Analysis on WFC
Insider Buying and Selling
In other news, Director Richard K. Davis purchased 3,500 shares of the company's stock in a transaction on Thursday, November 9th. The stock was bought at an average cost of $41.22 per share, for a total transaction of $144,270.00. Following the completion of the purchase, the director now directly owns 4,244 shares of the company's stock, valued at approximately $174,937.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.07% of the company's stock.
About Wells Fargo & Company
(
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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