South Dakota Investment Council reduced its position in Wells Fargo & Company (NYSE:WFC) by 10.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 944,997 shares of the financial services provider’s stock after selling 113,146 shares during the period. Wells Fargo & Company accounts for about 0.9% of South Dakota Investment Council’s investment portfolio, making the stock its 12th biggest position. South Dakota Investment Council’s holdings in Wells Fargo & Company were worth $38,613,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Studio Investment Management LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in Wells Fargo & Company during the first quarter valued at approximately $28,000. Baystate Wealth Management LLC raised its position in Wells Fargo & Company by 53.0% during the third 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 period. Impact Partnership Wealth LLC purchased a new stake in Wells Fargo & Company during the third quarter valued at approximately $34,000. Finally, Central Bank & Trust Co. raised its position in Wells Fargo & Company by 444.8% during the third 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 period. 72.47% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the company. UBS Group upped their price objective on Wells Fargo & Company from $51.00 to $53.00 in a research report on Thursday, October 12th. Jefferies Financial Group cut their target price on Wells Fargo & Company from $48.00 to $43.00 in a research note on Tuesday, October 10th. Raymond James upped their target price 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. Robert W. Baird reaffirmed a “neutral” rating and set a $55.00 target price on shares of Wells Fargo & Company in a research note on Monday, January 8th. Finally, Morgan Stanley upped their target price on Wells Fargo & Company from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Monday, December 4th. Ten equities research 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 stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $50.90.
View Our Latest Stock Report on WFC
Wells Fargo & Company Price Performance
Shares of NYSE:WFC traded up $0.44 during trading on Friday, reaching $50.32. 19,211,127 shares of the company’s stock traded hands, compared to its average volume of 16,455,352. Wells Fargo & Company has a fifty-two week low of $35.25 and a fifty-two week high of $50.77. 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 market cap of $182.74 billion, a PE ratio of 10.44, a P/E/G ratio of 1.05 and a beta of 1.17. The company has a 50-day simple moving average of $47.38 and a 200-day simple moving average of $43.98.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.86 earnings per share (EPS) 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 firm had revenue of $20.48 billion during the quarter, compared to analyst estimates of $20.30 billion. During the same quarter in the previous year, the firm posted $0.67 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, analysts predict that Wells Fargo & Company will post 4.72 earnings per share for the current year.
Wells Fargo & Company Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 2nd will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend is Thursday, February 1st. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.05%.
Insiders Place Their Bets
In other news, Director Richard K. Davis purchased 3,500 shares of Wells Fargo & Company stock in a transaction dated Thursday, November 9th. The shares were purchased at an average price of $41.22 per share, with a total value of $144,270.00. Following the transaction, the director now owns 4,244 shares in the company, valued at $174,937.68. The purchase was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.07% of the company’s stock.
Wells Fargo & Company Profile
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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Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC – Free Report).
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