Wells Fargo & Company $WFC Stock Position Lowered by Schwerin Boyle Capital Management Inc.

Key Points

• Schwerin Boyle Capital Management Inc. has decreased its holdings in Wells Fargo & Company by 3.3%, owning 805,377 shares worth approximately $57.8 million.
• Wells Fargo recently announced a quarterly dividend increase from $0.40 to $0.45 per share, representing an annualized yield of 2.3%.
• The company authorized a share buyback program allowing for the repurchase of up to $40 billion in shares, indicating a belief that the stock is undervalued.

Schwerin Boyle Capital Management Inc. cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 3.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 805,377 shares of the financial services provider's stock after selling 27,836 shares during the period. Wells Fargo & Company comprises about 6.0% of Schwerin Boyle Capital Management Inc.'s investment portfolio, making the stock its 3rd biggest holding. Schwerin Boyle Capital Management Inc.'s holdings in Wells Fargo & Company were worth $57,818,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after buying an additional 25,436 shares during the period. Nebula Research & Development LLC purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $1,068,000. Capital Analysts LLC raised its stake in Wells Fargo & Company by 23.4% during the 4th quarter. Capital Analysts LLC now owns 3,999 shares of the financial services provider's stock valued at $280,000 after purchasing an additional 759 shares during the period. Coldstream Capital Management Inc. lifted its holdings in shares of Wells Fargo & Company by 13.9% in the fourth quarter. Coldstream Capital Management Inc. now owns 50,072 shares of the financial services provider's stock valued at $3,517,000 after purchasing an additional 6,099 shares in the last quarter. Finally, Oxford Asset Management LLP acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth $501,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 1.6%

Wells Fargo & Company stock opened at $79.0680 on Monday. The business has a 50 day moving average price of $79.55 and a two-hundred day moving average price of $74.88. 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 12 month low of $50.22 and a 12 month high of $84.83. The stock has a market cap of $253.29 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.20.

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

Wells Fargo & Company Increases Dividend

The firm also recently declared 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%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 30.82%.

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

Analyst Ratings Changes

Several brokerages have weighed in on WFC. 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. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Finally, Morgan Stanley raised their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Eleven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.58.

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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