Chartwell Investment Partners LLC trimmed its stake in Wells Fargo (NYSE:WFC) by 46.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 123,145 shares of the financial services provider’s stock after selling 106,640 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Wells Fargo were worth $7,471,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Beach Investment Management LLC. acquired a new position in shares of Wells Fargo during the second quarter valued at about $1,010,000. Nations Financial Group Inc. IA ADV grew its holdings in shares of Wells Fargo by 21.4% during the second quarter. Nations Financial Group Inc. IA ADV now owns 5,483 shares of the financial services provider’s stock valued at $304,000 after buying an additional 968 shares during the last quarter. Regal Investment Advisors LLC grew its holdings in shares of Wells Fargo by 567.0% during the second quarter. Regal Investment Advisors LLC now owns 44,181 shares of the financial services provider’s stock valued at $2,448,000 after buying an additional 37,557 shares during the last quarter. Holowesko Partners Ltd. grew its holdings in shares of Wells Fargo by 0.6% during the second quarter. Holowesko Partners Ltd. now owns 2,052,981 shares of the financial services provider’s stock valued at $113,756,000 after buying an additional 13,000 shares during the last quarter. Finally, Dai Ichi Life Insurance Company Ltd grew its holdings in shares of Wells Fargo by 9.6% during the second quarter. Dai Ichi Life Insurance Company Ltd now owns 477,780 shares of the financial services provider’s stock valued at $26,474,000 after buying an additional 42,037 shares during the last quarter. Institutional investors and hedge funds own 77.33% of the company’s stock.
A number of research analysts have recently issued reports on the stock. Vetr upgraded shares of Wells Fargo from a “hold” rating to a “buy” rating and set a $54.10 price objective for the company in a report on Wednesday. Zacks Investment Research cut shares of Wells Fargo from a “hold” rating to a “sell” rating in a report on Monday. UBS upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Thursday, April 5th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $57.00 price objective on shares of Wells Fargo in a report on Thursday, April 5th. Finally, Morgan Stanley cut shares of Wells Fargo from an “overweight” rating to an “underweight” rating and reduced their price objective for the company from $75.00 to $64.00 in a report on Tuesday, February 6th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $62.64.
Wells Fargo (NYSE:WFC) last announced its quarterly earnings data 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). The company had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The business’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.96 EPS. research analysts predict that Wells Fargo will post 4.69 earnings per share for the current year.
Wells Fargo announced that its Board of Directors 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 reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In related news, Director Ronald Sargent acquired 9,000 shares of the stock in a transaction on Monday, February 12th. The shares were acquired at an average price of $55.98 per share, with a total value of $503,820.00. Following the completion of the transaction, the director now owns 81 shares in the company, valued at approximately $4,534.38. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.09% of the company’s stock.
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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