Seaward Management Limited Partnership Decreases Stake in Wells Fargo (WFC)
Seaward Management Limited Partnership trimmed its stake in shares of Wells Fargo (NYSE:WFC) by 2.8% in the 4th quarter, Holdings Channel reports. The firm owned 110,512 shares of the financial services provider’s stock after selling 3,166 shares during the period. Seaward Management Limited Partnership’s holdings in Wells Fargo were worth $6,704,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Westside Investment Management Inc. grew its position in Wells Fargo by 63.9% during the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after buying an additional 891 shares during the period. Cerebellum GP LLC bought a new stake in Wells Fargo during the fourth quarter valued at approximately $132,000. BKS Advisors LLC bought a new stake in Wells Fargo during the third quarter valued at approximately $143,000. Delphi Private Advisors LLC grew its position in Wells Fargo by 439.9% during the fourth quarter. Delphi Private Advisors LLC now owns 2,462 shares of the financial services provider’s stock valued at $149,000 after buying an additional 2,006 shares during the period. Finally, Saratoga Research & Investment Management bought a new stake in Wells Fargo during the third quarter valued at approximately $178,000. 77.32% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Ronald Sargent bought 9,000 shares of the stock in a transaction dated Monday, February 12th. The shares were purchased at an average price of $55.98 per share, with a total value of $503,820.00. Following the completion of the acquisition, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.22% of the stock is currently owned by insiders.
Wells Fargo (NYSE:WFC) last released its earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.07). Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The company had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. During the same period last year, the firm posted $0.96 EPS. Wells Fargo’s quarterly revenue was up 2.2% compared to the same quarter last year. research analysts expect that Wells Fargo will post 4.72 EPS for the current fiscal year.
Wells Fargo declared that its board has approved a stock repurchase program on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo’s dividend payout ratio (DPR) is presently 38.33%.
WFC has been the subject of several recent research reports. Vertical Group upgraded shares of Wells Fargo from a “sell” rating to a “buy” rating in a research report on Thursday, December 7th. Zacks Investment Research upgraded shares of Wells Fargo from a “sell” rating to a “hold” rating in a research report on Tuesday, December 19th. Buckingham Research upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and boosted their target price for the company from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Barclays boosted their target price on shares of Wells Fargo from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Sanford C. Bernstein upgraded shares of Wells Fargo from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $64.00 to $69.00 in a research report on Wednesday, January 3rd. Six equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $62.90.
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Wells Fargo Company Profile
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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