ProShare Advisors LLC Has $62.48 Million Stock Holdings in Wells Fargo & Company $WFC

Key Points

• ProShare Advisors LLC increased its stake in Wells Fargo by 3.1% in the fourth quarter, buying 20,470 more shares and bringing its total holdings to 670,344 shares worth about $62.48 million.
• Wells Fargo reported better-than-expected quarterly earnings of $1.60 per share, though revenue came in below Wall Street estimates. Analysts still expect the bank to earn 6.82 EPS for the current fiscal year.
• The company announced a quarterly dividend of $0.45 per share, equal to an annualized yield of about 2.4%, while analysts currently rate the stock a Moderate Buy with a consensus price target of $97.53.

ProShare Advisors LLC grew its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 3.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 670,344 shares of the financial services provider's stock after purchasing an additional 20,470 shares during the quarter. ProShare Advisors LLC's holdings in Wells Fargo & Company were worth $62,476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Diversified Trust Co. raised its stake in Wells Fargo & Company by 59.7% during the 4th quarter. Diversified Trust Co. now owns 35,285 shares of the financial services provider's stock worth $3,289,000 after buying an additional 13,196 shares during the period. Mawer Investment Management Ltd. acquired a new position in Wells Fargo & Company during the 3rd quarter worth approximately $147,165,000. Guerra Advisors Inc raised its stake in Wells Fargo & Company by 43.2% during the 3rd quarter. Guerra Advisors Inc now owns 38,439 shares of the financial services provider's stock worth $3,222,000 after buying an additional 11,594 shares during the period. AlphaQuest LLC raised its stake in Wells Fargo & Company by 1,121.0% during the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the financial services provider's stock worth $2,018,000 after buying an additional 22,107 shares during the period. Finally, UMB Bank n.a. raised its stake in Wells Fargo & Company by 52.7% during the 3rd quarter. UMB Bank n.a. now owns 138,862 shares of the financial services provider's stock worth $11,639,000 after buying an additional 47,946 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $74.55 on Wednesday. The company has a market cap of $228.12 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 0.87 and a beta of 0.96. Wells Fargo & Company has a 52 week low of $71.89 and a 52 week high of $97.76. The business has a 50 day moving average price of $79.03 and a 200-day moving average price of $85.46. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate 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 quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.39 earnings per share. Equities analysts anticipate that Wells Fargo & Company will post 6.82 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

Analyst Upgrades and Downgrades

WFC has been the topic of a number of research reports. Jefferies Financial Group initiated coverage on Wells Fargo & Company in a research note on Thursday, March 26th. They set a "buy" rating and a $100.00 price target on the stock. Robert W. Baird upgraded shares of Wells Fargo & Company from an "underperform" rating to a "neutral" rating and set a $85.00 price objective on the stock in a report on Friday, February 13th. JPMorgan Chase & Co. lowered their price objective on shares of Wells Fargo & Company from $91.00 to $86.50 and set a "neutral" rating on the stock in a report on Thursday, April 30th. Barclays lowered their price objective on shares of Wells Fargo & Company from $113.00 to $108.00 and set an "overweight" rating on the stock in a report on Wednesday, April 15th. Finally, UBS Group restated a "buy" rating and set a $113.00 price objective on shares of Wells Fargo & Company in a report on Wednesday, February 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus price target of $97.53.

Key Wells Fargo & Company News

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

In other news, EVP Kleber Santos sold 25,000 shares of the 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 sale, the executive vice president owned 79,876 shares in the company, valued at $7,006,722.72. This represents a 23.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ellen R. Patterson sold 60,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $87.40, for a total transaction of $5,244,000.00. Following the completion of the sale, the executive vice president owned 169,496 shares of the company's stock, valued at approximately $14,813,950.40. This represents a 26.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 115,000 shares of company stock worth $10,050,000 over the last quarter. Insiders own 0.14% of the company's stock.

Wells Fargo & Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.