Wells Fargo & Company (NYSE:WFC) Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd reduced its stake in Wells Fargo & Company by 30.6% in the first quarter, now holding 188,823 shares valued at approximately $13.56 million.
• Wells Fargo's quarterly earnings report showed an EPS of $1.54, surpassing analysts' estimates by $0.13, alongside a 0.6% year-over-year revenue increase.
• The company announced a new share repurchase program allowing it to buy back up to $40 billion in shares, indicating its leadership believes the stock is undervalued.

Gulf International Bank UK Ltd decreased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 30.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 188,823 shares of the financial services provider's stock after selling 83,084 shares during the period. Wells Fargo & Company comprises 0.5% of Gulf International Bank UK Ltd's investment portfolio, making the stock its 29th biggest position. Gulf International Bank UK Ltd's holdings in Wells Fargo & Company were worth $13,555,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of WFC. BNP Paribas acquired a new stake in Wells Fargo & Company in the 4th quarter valued at about $28,000. Motco raised its position in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 326 shares in the last quarter. Accent Capital Management LLC acquired a new stake in Wells Fargo & Company in the 1st quarter valued at about $29,000. Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company in the 4th quarter valued at about $32,000. Finally, Stone House Investment Management LLC acquired a new stake in Wells Fargo & Company in the 1st quarter valued at about $34,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

NYSE:WFC traded down $1.52 during mid-day trading on Wednesday, reaching $77.96. 14,409,843 shares of the stock were exchanged, compared to its average volume of 16,622,731. The company has a 50 day simple moving average of $79.11 and a 200-day simple moving average of $74.99. The stock has a market capitalization of $249.74 billion, a P/E ratio of 13.35, a P/E/G ratio of 1.24 and a beta of 1.20. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1 year low of $50.22 and a 1 year high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The firm's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 EPS. Analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company announced that its board has authorized a share repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is 30.82%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on WFC shares. The Goldman Sachs Group reduced their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Bank of America increased their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Morgan Stanley increased their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Finally, Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $80.39.

About Wells Fargo & Company

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.