Norden Group LLC Lowers Holdings in Wells Fargo & Company (NYSE:WFC)

Key Points

• Norden Group LLC has reduced its holdings in Wells Fargo & Company by 5.8%, selling 3,179 shares and currently holding 51,397 shares valued at approximately $3.69 million.
• Wells Fargo reported earnings of $1.54 per share for the most recent quarter, exceeding consensus estimates, although revenue slightly missed forecasts at $20.82 billion.
• The company has announced a $40 billion share buyback plan, indicating management believes its shares are currently undervalued.

Norden Group LLC decreased its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 5.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,397 shares of the financial services provider's stock after selling 3,179 shares during the period. Norden Group LLC's holdings in Wells Fargo & Company were worth $3,690,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of WFC. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company in the 4th quarter worth approximately $28,000. BNP Paribas purchased a new stake in Wells Fargo & Company during the 4th quarter valued at $28,000. Motco increased its holdings in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares in the last quarter. Parvin Asset Management LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth $32,000. Finally, Dunhill Financial LLC lifted its holdings in shares of Wells Fargo & Company by 63.7% during the fourth quarter. Dunhill Financial LLC now owns 496 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 193 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on WFC shares. The Goldman Sachs Group reduced their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. TD Cowen started coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective on the stock. Finally, Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.39.

Wells Fargo & Company Stock Up 0.4%

WFC stock opened at $84.25 on Monday. The business's 50-day moving average price is $77.86 and its 200-day moving average price is $74.63. The stock has a market cap of $274.15 billion, a P/E ratio of 14.43, a PEG ratio of 1.31 and a beta of 1.16. 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 twelve month low of $50.15 and a twelve month high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.33 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its board has approved a share buyback plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 27.40%.

Wells Fargo & Company Profile

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.

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