Marathon Trading Investment Management LLC decreased its stake in shares of Wells Fargo & Co (NYSE:WFC) by 79.8% in the third quarter, Holdings Channel reports. The institutional investor owned 8,009 shares of the financial services provider’s stock after selling 31,593 shares during the quarter. Marathon Trading Investment Management LLC’s holdings in Wells Fargo & Co were worth $421,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in WFC. Sageworth Trust Co grew its holdings in shares of Wells Fargo & Co by 257.9% in the third quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock worth $113,000 after acquiring an additional 1,550 shares during the period. Landaas & Co. WI ADV bought a new stake in shares of Wells Fargo & Co in the second quarter worth $117,000. Lee Financial Co grew its holdings in shares of Wells Fargo & Co by 433.4% in the third quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock worth $132,000 after acquiring an additional 2,037 shares during the period. Almanack Investment Partners LLC. bought a new stake in shares of Wells Fargo & Co in the third quarter worth $141,000. Finally, Parkside Investments LLC bought a new stake in shares of Wells Fargo & Co in the third quarter worth $174,000. Institutional investors and hedge funds own 73.02% of the company’s stock.
NYSE:WFC opened at $51.78 on Thursday. Wells Fargo & Co has a 52-week low of $50.02 and a 52-week high of $66.31. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market cap of $264.76 billion, a price-to-earnings ratio of 12.60, a P/E/G ratio of 1.08 and a beta of 1.00.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The company had revenue of $21.94 billion for the quarter, compared to the consensus estimate of $21.90 billion. Equities research analysts predict that Wells Fargo & Co will post 4.5 EPS for the current year.
Wells Fargo & Co announced that its board has initiated a stock buyback plan on Tuesday, October 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Friday, November 9th were issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio is presently 41.85%.
WFC has been the subject of several research analyst reports. Macquarie lowered Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. They noted that the move was a valuation call. Edward Jones raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday, September 17th. Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Tuesday, September 18th. Wolfe Research initiated coverage on Wells Fargo & Co in a report on Tuesday, September 25th. They issued an “outperform” rating for the company. Finally, UBS Group set a $63.00 price objective on Wells Fargo & Co and gave the stock a “buy” rating in a report on Friday, September 28th. Three analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $63.79.
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Wells Fargo & Co 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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