Fort Washington Investment Advisors Inc. OH Sells 43 Shares of Wells Fargo & Company (WFC)
Fort Washington Investment Advisors Inc. OH cut its position in Wells Fargo & Company (NYSE:WFC) by 0.0% during the first quarter, Holdings Channel reports. The institutional investor owned 451,746 shares of the financial services provider’s stock after selling 43 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in Wells Fargo & were worth $25,144,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in WFC. Dodge & Cox bought a new stake in Wells Fargo & during the fourth quarter worth approximately $3,942,119,000. Norges Bank bought a new stake in Wells Fargo & during the fourth quarter worth approximately $2,800,566,000. Canada Pension Plan Investment Board boosted its stake in Wells Fargo & by 83.9% in the first quarter. Canada Pension Plan Investment Board now owns 7,972,116 shares of the financial services provider’s stock worth $443,728,000 after buying an additional 3,637,100 shares in the last quarter. AQR Capital Management LLC boosted its stake in Wells Fargo & by 44.7% in the fourth quarter. AQR Capital Management LLC now owns 9,439,158 shares of the financial services provider’s stock worth $520,192,000 after buying an additional 2,916,320 shares in the last quarter. Finally, Boston Partners boosted its stake in Wells Fargo & by 50.0% in the first quarter. Boston Partners now owns 7,948,841 shares of the financial services provider’s stock worth $442,432,000 after buying an additional 2,648,763 shares in the last quarter. 75.85% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Wells Fargo & Company (NYSE:WFC) opened at 52.54 on Tuesday. The stock has a market cap of $260.95 billion, a PE ratio of 12.94 and a beta of 0.95. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $59.99. The company’s 50 day moving average price is $54.49 and its 200 day moving average price is $55.11.
Wells Fargo & (NYSE:WFC) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. The company had revenue of $22.20 billion during the quarter, compared to analysts’ expectations of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. Wells Fargo &’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 EPS. On average, analysts anticipate that Wells Fargo & Company will post $4.17 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be issued a $0.39 dividend. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date is Wednesday, August 2nd. This represents a $1.56 dividend on an annualized basis and a yield of 2.97%. Wells Fargo &’s dividend payout ratio is presently 38.42%.
Wells Fargo & declared that its board has authorized a share repurchase program on Wednesday, June 28th that allows the company to repurchase $11.50 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
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WFC has been the topic of a number of recent research reports. Vining Sparks raised Wells Fargo & to a “strong-buy” rating and set a $65.00 target price on the stock in a research note on Thursday, April 27th. Credit Suisse Group reissued an “outperform” rating and issued a $40.00 target price (up from $36.00) on shares of Wells Fargo & in a research note on Friday, April 14th. Jefferies Group LLC reaffirmed a “hold” rating and set a $62.00 price target on shares of Wells Fargo & in a report on Monday, May 8th. Evercore ISI reaffirmed an “outperform” rating and set a $64.00 price target on shares of Wells Fargo & in a report on Tuesday, April 11th. Finally, Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & in a report on Monday, July 3rd. Six equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $55.87.
In related news, insider Petros G. Pelos sold 24,708 shares of the company’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $54.07, for a total value of $1,335,961.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hope A. Hardison sold 20,000 shares of the company’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $52.07, for a total value of $1,041,400.00. Following the completion of the transaction, the insider now directly owns 109 shares of the company’s stock, valued at approximately $5,675.63. The disclosure for this sale can be found here. Insiders sold a total of 131,278 shares of company stock valued at $6,940,120 in the last ninety days. 0.22% of the stock is currently owned by insiders.
About Wells Fargo &
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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