Wells Fargo (WFC) Holdings Lifted by Fairfield Bush & CO.
Fairfield Bush & CO. raised its holdings in shares of Wells Fargo (NYSE:WFC) by 6.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,366 shares of the financial services provider’s stock after buying an additional 8,838 shares during the period. Wells Fargo comprises approximately 2.3% of Fairfield Bush & CO.’s investment portfolio, making the stock its 12th biggest position. Fairfield Bush & CO.’s holdings in Wells Fargo were worth $8,455,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the business. Geode Capital Management LLC boosted its position in shares of Wells Fargo by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 46,311,774 shares of the financial services provider’s stock valued at $2,803,705,000 after buying an additional 584,764 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Wells Fargo by 17.8% during 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 buying an additional 5,305,125 shares during the period. Davis Selected Advisers boosted its holdings in shares of Wells Fargo by 1.4% in the third quarter. Davis Selected Advisers now owns 26,335,478 shares of the financial services provider’s stock valued at $1,451,064,000 after purchasing an additional 368,667 shares during the period. Magellan Asset Management Ltd boosted its holdings in shares of Wells Fargo by 5.1% in the fourth quarter. Magellan Asset Management Ltd now owns 25,007,676 shares of the financial services provider’s stock valued at $1,517,216,000 after purchasing an additional 1,222,262 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Wells Fargo by 3.1% in the third quarter. Legal & General Group Plc now owns 23,220,873 shares of the financial services provider’s stock valued at $1,280,531,000 after purchasing an additional 696,233 shares during the period. Institutional investors and hedge funds own 76.79% of the company’s stock.
A number of analysts recently issued reports on WFC shares. Morgan Stanley boosted their price target on Wells Fargo from $72.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods lowered Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 price target for the company. in a report on Sunday, February 4th. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price target on shares of Wells Fargo in a report on Monday, February 5th. Citigroup lowered Wells Fargo from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a report on Monday, February 5th. Finally, Royal Bank of Canada lowered Wells Fargo from an “outperform” rating to an “underperform” rating in a report 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 assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $61.83.
Wells Fargo (NYSE:WFC) last issued its quarterly earnings data on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05. The company had revenue of $21.93 billion during 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%. Wells Fargo’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.00 earnings per share. sell-side analysts predict that Wells Fargo will post 4.57 EPS for the current fiscal year.
The firm also recently disclosed 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. This represents a $1.56 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Thursday, May 3rd. Wells Fargo’s dividend payout ratio (DPR) is 37.96%.
Wells Fargo declared that its Board of Directors has initiated a share repurchase program on Tuesday, January 23rd that allows the company to buyback 350,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Wells Fargo 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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