Douglas Lane & Associates LLC lessened its holdings in Wells Fargo & Co (NYSE:WFC) by 6.8% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 34,350 shares of the financial services provider’s stock after selling 2,515 shares during the period. Douglas Lane & Associates LLC’s holdings in Wells Fargo & Co were worth $1,660,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also made changes to their positions in the business. Olstein Capital Management L.P. grew its holdings in shares of Wells Fargo & Co by 3.6% in the 4th quarter. Olstein Capital Management L.P. now owns 142,900 shares of the financial services provider’s stock worth $6,585,000 after purchasing an additional 4,900 shares during the last quarter. Summit Wealth & Retirement Planning Inc. bought a new stake in shares of Wells Fargo & Co in the 4th quarter worth about $273,000. Commonwealth Bank of Australia grew its holdings in shares of Wells Fargo & Co by 12.8% in the 4th quarter. Commonwealth Bank of Australia now owns 873,051 shares of the financial services provider’s stock worth $40,225,000 after purchasing an additional 99,250 shares during the last quarter. M3F Inc. bought a new stake in shares of Wells Fargo & Co in the 4th quarter worth about $4,631,000. Finally, Ruggie Capital Group bought a new stake in shares of Wells Fargo & Co in the 4th quarter worth about $80,000. 71.12% of the stock is currently owned by hedge funds and other institutional investors.
WFC has been the topic of several analyst reports. Morgan Stanley lowered their target price on shares of Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, April 15th. Raymond James reaffirmed a “hold” rating on shares of Wells Fargo & Co in a report on Friday, April 12th. Deutsche Bank lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and lowered their target price for the stock from $56.00 to $54.00 in a report on Friday, March 29th. ValuEngine raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Tuesday, March 19th. Finally, BMO Capital Markets lowered their target price on shares of Wells Fargo & Co from $65.00 to $63.00 and set a “market perform” rating on the stock in a report on Monday, April 15th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $56.22.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The business had revenue of $21.61 billion for the quarter, compared to the consensus estimate of $20.89 billion. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. During the same quarter in the prior year, the company earned $0.96 EPS. On average, sell-side analysts forecast that Wells Fargo & Co will post 4.73 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.80 annualized dividend and a yield of 3.90%. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.10%.
In related news, insider Petros G. Pelos sold 28,304 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the transaction, the insider now owns 3,066 shares in the company, valued at approximately $142,599.66. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.08% of the stock is owned by corporate insiders.
Wells Fargo & Co Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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