Ackerman Capital Advisors LLC Acquires New Stake in Wells Fargo (WFC)
Ackerman Capital Advisors LLC acquired a new position in Wells Fargo (NYSE:WFC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,666 shares of the financial services provider’s stock, valued at approximately $202,000.
Several other hedge funds have also made changes to their positions in WFC. Dimensional Fund Advisors LP raised its position in shares of Wells Fargo by 17.8% in the third quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock valued at $1,937,888,000 after purchasing an additional 5,305,125 shares during the period. Viking Global Investors LP raised its position in shares of Wells Fargo by 181.3% in the fourth quarter. Viking Global Investors LP now owns 5,338,016 shares of the financial services provider’s stock valued at $323,857,000 after purchasing an additional 3,440,121 shares during the period. CI Global Investments Inc. raised its position in shares of Wells Fargo by 509.4% in the third quarter. CI Global Investments Inc. now owns 3,319,943 shares of the financial services provider’s stock valued at $183,095,000 after purchasing an additional 2,775,177 shares during the period. Prudential Financial Inc. raised its position in shares of Wells Fargo by 23.6% in the third quarter. Prudential Financial Inc. now owns 12,504,107 shares of the financial services provider’s stock valued at $689,601,000 after purchasing an additional 2,384,872 shares during the period. Finally, Ruane Cunniff & Goldfarb Inc. raised its position in shares of Wells Fargo by 35.9% in the third quarter. Ruane Cunniff & Goldfarb Inc. now owns 6,673,316 shares of the financial services provider’s stock valued at $368,033,000 after purchasing an additional 1,763,235 shares during the period. 76.79% of the stock is currently owned by institutional investors and hedge funds.
WFC has been the topic of several research analyst reports. Zacks Investment Research lowered shares of Wells Fargo from a “hold” rating to a “sell” rating in a research report on Monday, April 9th. Royal Bank of Canada lowered shares of Wells Fargo from an “outperform” rating to an “underperform” rating in a research report on Monday, February 5th. BMO Capital Markets restated a “hold” rating and issued a $60.00 price target on shares of Wells Fargo in a research note on Monday, February 5th. Keefe, Bruyette & Woods upgraded shares of Wells Fargo to a “buy” rating in a research note on Monday, April 30th. Finally, Citigroup downgraded shares of Wells Fargo from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research note on Monday, February 5th. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $61.83.
Wells Fargo (NYSE:WFC) last announced its quarterly earnings data on Friday, April 13th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05. The firm had revenue of $21.93 billion for the quarter, compared to the consensus estimate of $21.74 billion. Wells Fargo had a net margin of 22.80% and a return on equity of 12.46%. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.00 earnings per share. analysts predict that Wells Fargo will post 4.57 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 4th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $1.56 dividend on an annualized basis and a yield of 2.88%. Wells Fargo’s payout ratio is 37.96%.
Wells Fargo announced that its Board of Directors has initiated a share repurchase program on Tuesday, January 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
About Wells Fargo
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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