CNB Bank bought a new position in Wells Fargo (NYSE:WFC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 18,659 shares of the financial services provider’s stock, valued at approximately $1,132,000. Wells Fargo comprises approximately 0.7% of CNB Bank’s portfolio, making the stock its 23rd largest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Wells Fargo by 4.4% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,182,098 shares of the financial services provider’s stock valued at $132,388,000 after buying an additional 91,481 shares in the last quarter. Pin Oak Investment Advisors Inc. acquired a new position in Wells Fargo during the fourth quarter valued at approximately $234,000. Sawtooth Solutions LLC lifted its position in Wells Fargo by 451.9% during the fourth quarter. Sawtooth Solutions LLC now owns 30,869 shares of the financial services provider’s stock valued at $1,873,000 after buying an additional 25,276 shares in the last quarter. We Are One Seven LLC acquired a new position in Wells Fargo during the fourth quarter valued at approximately $1,249,000. Finally, Salem Investment Counselors Inc. acquired a new position in Wells Fargo during the fourth quarter valued at approximately $5,477,000. 76.79% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:WFC opened at $55.04 on Thursday. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.88 and a quick ratio of 0.86. The firm has a market capitalization of $265.74 billion, a P/E ratio of 13.39, a P/E/G ratio of 1.47 and a beta of 1.13. Wells Fargo has a 12-month low of $54.54 and a 12-month high of $54.94.

Wells Fargo (NYSE:WFC) last issued its quarterly earnings results 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 business had revenue of $21.93 billion during the quarter, compared to analyst estimates 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 was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 earnings per share. equities research analysts predict that Wells Fargo will post 4.56 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 4th will be paid a $0.39 dividend. The ex-dividend date is Thursday, May 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.83%. Wells Fargo’s dividend payout ratio (DPR) is presently 37.96%.

Wells Fargo announced that its Board of Directors has initiated a share repurchase program on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

A number of research analysts have weighed in on the stock. Vetr raised shares of Wells Fargo from a “sell” rating to a “hold” rating and set a $54.78 price target on the stock in a research report on Monday, February 12th. UBS set a $63.00 price target on shares of Wells Fargo and gave the company a “hold” rating in a research report on Monday, February 5th. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 price target on shares of Wells Fargo in a research report on Monday, February 5th. Keefe, Bruyette & Woods cut shares of Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 price target on the stock. in a research report on Sunday, February 4th. Finally, Zacks Investment Research cut shares of Wells Fargo from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and sixteen have issued a buy rating to the company. Wells Fargo has an average rating of “Hold” and a consensus price target of $61.83.

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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Institutional Ownership by Quarter for Wells Fargo (NYSE:WFC)

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