Wells Fargo & Company (NYSE:WFC) Shares Sold by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. cut its holdings in Wells Fargo & Company (NYSE:WFC) by 39.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 114,650 shares of the financial services provider’s stock after selling 74,456 shares during the quarter. Wells Fargo & Company comprises about 2.1% of Point72 Asia Singapore Pte. Ltd.’s investment portfolio, making the stock its 6th biggest holding. Point72 Asia Singapore Pte. Ltd.’s holdings in Wells Fargo & Company were worth $8,053,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth $28,000. BNP Paribas acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth $28,000. McClarren Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $30,000. Finally, Rakuten Securities Inc. lifted its holdings in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 237 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 0.2%

Shares of Wells Fargo & Company stock opened at $76.17 on Thursday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The stock has a 50 day moving average price of $69.24 and a two-hundred day moving average price of $72.35. The stock has a market capitalization of $247.87 billion, a P/E ratio of 14.16, a PEG ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. During the same period in the previous year, the company earned $1.20 earnings per share. Wells Fargo & Company’s revenue for the quarter was down 3.4% on a year-over-year basis. Equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its board has approved a share repurchase program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 9th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on WFC shares. Barclays cut their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. reduced their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research report on Thursday, March 13th. Bank of America cut their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods raised their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average price target of $75.34.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.