Pring Turner Capital Group Inc. decreased its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 1.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,680 shares of the financial services provider’s stock after selling 1,029 shares during the quarter. Wells Fargo & Co comprises about 3.6% of Pring Turner Capital Group Inc.’s investment portfolio, making the stock its 13th biggest position. Pring Turner Capital Group Inc.’s holdings in Wells Fargo & Co were worth $2,821,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Rothschild Asset Management Inc. raised its position in Wells Fargo & Co by 1.0% in the second quarter. Rothschild Asset Management Inc. now owns 589,885 shares of the financial services provider’s stock valued at $32,703,000 after purchasing an additional 5,584 shares during the period. Commonwealth Bank of Australia raised its position in Wells Fargo & Co by 15.3% in the second quarter. Commonwealth Bank of Australia now owns 748,401 shares of the financial services provider’s stock valued at $41,434,000 after purchasing an additional 99,137 shares during the period. Berkshire Asset Management LLC PA raised its position in Wells Fargo & Co by 3.3% in the third quarter. Berkshire Asset Management LLC PA now owns 507,054 shares of the financial services provider’s stock valued at $26,651,000 after purchasing an additional 16,315 shares during the period. R. G. Niederhoffer Capital Management Inc. purchased a new position in Wells Fargo & Co in the second quarter valued at about $1,308,000. Finally, Security National Bank of Sioux City Iowa IA purchased a new position in Wells Fargo & Co in the second quarter valued at about $382,000. Institutional investors and hedge funds own 73.02% of the company’s stock.
WFC has been the topic of several research reports. Wolfe Research initiated coverage on Wells Fargo & Co in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Zacks Investment Research downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Tuesday, September 18th. UBS Group set a $63.00 target price on Wells Fargo & Co and gave the company a “buy” rating in a research note on Friday, September 28th. ValuEngine upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. Finally, Edward Jones upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $63.79.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.04). The firm had revenue of $21.94 billion during the quarter, compared to analyst estimates of $21.90 billion. Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. On average, analysts predict that Wells Fargo & Co will post 4.5 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Saturday, December 1st. Investors of record on Friday, November 9th were paid a $0.43 dividend. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.72 dividend on an annualized basis and a yield of 3.32%. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.85%.
Wells Fargo & Co declared that its board has approved a share buyback program on Tuesday, October 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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About Wells Fargo & Co
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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