Banque Cantonale Vaudoise Boosts Stock Position in Wells Fargo & Company $WFC

Key Points

• Banque Cantonale Vaudoise increased its Wells Fargo stake by 33.6% in the fourth quarter, buying 23,572 shares and bringing its total holdings to 93,818 shares worth about $8.74 million.
• Wells Fargo reported Q1 earnings of $1.60 per share, slightly beating estimates, while revenue rose 6.4% year over year. Analysts currently have a Moderate Buy consensus on the stock with an average price target of $97.53.
• The bank also announced a quarterly dividend of $0.45 per share, implying a 2.4% yield, and recently agreed to a $110 million settlement over lending and hiring discrimination claims.

Banque Cantonale Vaudoise grew its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 33.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 93,818 shares of the financial services provider's stock after buying an additional 23,572 shares during the period. Banque Cantonale Vaudoise's holdings in Wells Fargo & Company were worth $8,744,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of WFC. Capital Research Global Investors lifted its position in Wells Fargo & Company by 18.6% during the third quarter. Capital Research Global Investors now owns 35,660,903 shares of the financial services provider's stock valued at $2,989,104,000 after acquiring an additional 5,584,930 shares during the last quarter. Legal & General Group Plc grew its holdings in Wells Fargo & Company by 1.9% in the third quarter. Legal & General Group Plc now owns 21,009,237 shares of the financial services provider's stock worth $1,760,994,000 after purchasing an additional 399,088 shares during the last quarter. Boston Partners grew its holdings in Wells Fargo & Company by 1.9% in the third quarter. Boston Partners now owns 9,128,470 shares of the financial services provider's stock worth $763,675,000 after purchasing an additional 174,350 shares during the last quarter. Davis Selected Advisers increased its position in shares of Wells Fargo & Company by 6.1% during the fourth quarter. Davis Selected Advisers now owns 8,258,031 shares of the financial services provider's stock worth $769,649,000 after purchasing an additional 471,979 shares in the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Wells Fargo & Company by 8.5% during the third quarter. California Public Employees Retirement System now owns 6,726,087 shares of the financial services provider's stock worth $563,781,000 after purchasing an additional 529,305 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.2%

Shares of WFC stock opened at $74.55 on Wednesday. The stock's 50-day simple moving average is $79.03 and its 200-day simple moving average is $85.46. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $228.12 billion, a PE ratio of 11.50, a P/E/G ratio of 0.87 and a beta of 0.96. Wells Fargo & Company has a fifty-two week low of $71.89 and a fifty-two week high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.02. The firm had revenue of $11.62 billion during the quarter, compared to the consensus estimate of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The company's revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.39 earnings per share. Equities analysts expect that Wells Fargo & Company will post 6.82 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, May 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 27.78%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. HSBC raised Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 price objective for the company in a research report on Wednesday, April 1st. Evercore reiterated an "outperform" rating on shares of Wells Fargo & Company in a research note on Friday, March 6th. The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $109.00 to $93.00 and set a "buy" rating on the stock in a research note on Monday, March 23rd. Jefferies Financial Group started coverage on shares of Wells Fargo & Company in a research report on Thursday, March 26th. They issued a "buy" rating and a $100.00 price objective for the company. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating for the company in a research note on Wednesday, April 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $97.53.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo will present at the Bernstein Strategic Decisions Conference on May 27, keeping management visible to investors and potentially reinforcing the bank’s strategy and outlook. Wells Fargo to Present at the Bernstein Strategic Decisions Conference
• Positive Sentiment: The NAHB/Wells Fargo Housing Market Index unexpectedly rose to 37 in May from 34 in April, a sign that homebuilder sentiment is improving and could support loan demand in the housing market. U.S. Homebuilder Confidence Unexpectedly Rebounds In May
• Positive Sentiment: Wells Fargo and other banks moved up league tables after helping arrange NextEra Energy’s $67 billion deal for Dominion Energy, highlighting stronger investment-banking activity. Lazard, Wells Fargo Vault Up League Tables on NextEra-Dominion Deal
• Neutral Sentiment: One article noted Wells Fargo’s preferred shares offer a discounted yield opportunity with interest-rate optionality, which is more of an investor commentary piece than a direct company catalyst. Wells Fargo Long Duration Preferred: Safe Yield, Discount To Par, And Interest Rate Optionality
• Negative Sentiment: Wells Fargo agreed to a $110 million settlement over lending and hiring discrimination claims, including a $100 million borrower-assistance fund, which may weigh on sentiment despite removing legal uncertainty. Wells Fargo agrees to $110M lending, hiring discrimination settlement

Insider Activity at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ellen R. Patterson sold 60,000 shares of the company's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $87.40, for a total value of $5,244,000.00. Following the sale, the executive vice president directly owned 169,496 shares of the company's stock, valued at approximately $14,813,950.40. This represents a 26.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kleber Santos sold 25,000 shares of the business's stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $87.72, for a total value of $2,193,000.00. Following the completion of the transaction, the executive vice president directly owned 79,876 shares of the company's stock, valued at approximately $7,006,722.72. This trade represents a 23.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 115,000 shares of company stock worth $10,050,000 over the last three months. Company insiders own 0.14% of the company's stock.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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