EJF Capital LLC Purchases New Position in Wells Fargo & Co (WFC)

EJF Capital LLC purchased a new stake in Wells Fargo & Co (NYSE:WFC) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 6,000 shares of the financial services provider’s stock, valued at approximately $315,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP grew its position in Wells Fargo & Co by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 43,088,636 shares of the financial services provider’s stock worth $2,388,296,000 after acquiring an additional 1,874,789 shares during the last quarter. Primecap Management Co. CA grew its position in Wells Fargo & Co by 47.1% during the 3rd quarter. Primecap Management Co. CA now owns 38,512,187 shares of the financial services provider’s stock worth $2,024,201,000 after acquiring an additional 12,337,098 shares during the last quarter. Magellan Asset Management Ltd grew its position in Wells Fargo & Co by 0.3% during the 2nd quarter. Magellan Asset Management Ltd now owns 31,103,695 shares of the financial services provider’s stock worth $1,724,389,000 after acquiring an additional 78,797 shares during the last quarter. Boston Partners grew its position in Wells Fargo & Co by 12.6% during the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock worth $1,176,604,000 after acquiring an additional 2,372,583 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Wells Fargo & Co by 2.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 16,910,637 shares of the financial services provider’s stock worth $937,526,000 after acquiring an additional 372,355 shares during the last quarter. Institutional investors own 73.02% of the company’s stock.

Several research analysts have commented on WFC shares. Macquarie downgraded 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. Wolfe Research started coverage on Wells Fargo & Co in a report on Tuesday, September 25th. They set an “outperform” rating on the stock. Edward Jones raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday, September 17th. Zacks Investment Research downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Tuesday, September 18th. Finally, Citigroup raised Wells Fargo & Co from a “neutral” rating to a “buy” rating in a report on Friday, November 2nd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $63.79.



Shares of WFC opened at $51.09 on Friday. 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 company has a market cap of $252.57 billion, a price-to-earnings ratio of 12.43, a P/E/G ratio of 1.03 and a beta of 1.00. Wells Fargo & Co has a 52 week low of $50.02 and a 52 week high of $66.31.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). The company had revenue of $21.94 billion for the quarter, compared to the consensus estimate of $21.90 billion. Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. Analysts expect that Wells Fargo & Co will post 4.5 EPS for the current year.

The business also recently disclosed 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 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.

Wells Fargo & Co announced that its Board of Directors has approved a share repurchase program on Tuesday, October 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

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Wells Fargo & Co Company 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.

Further Reading: Buyback For Investors Defined

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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