First Manhattan CO. LLC. Has $27.52 Million Stake in Wells Fargo & Company (NYSE:WFC)

First Manhattan CO. LLC. reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 7.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 381,335 shares of the financial services provider's stock after selling 29,202 shares during the period. First Manhattan CO. LLC.'s holdings in Wells Fargo & Company were worth $27,516,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Hudson Valley Investment Advisors Inc. ADV acquired a new position in Wells Fargo & Company during the fourth quarter worth $205,000. Highline Wealth Partners LLC boosted its stake in shares of Wells Fargo & Company by 1.3% during the 4th quarter. Highline Wealth Partners LLC now owns 13,659 shares of the financial services provider's stock worth $959,000 after buying an additional 178 shares during the last quarter. West Oak Capital LLC grew its holdings in shares of Wells Fargo & Company by 696.4% in the 4th quarter. West Oak Capital LLC now owns 108,511 shares of the financial services provider's stock valued at $7,622,000 after acquiring an additional 94,886 shares in the last quarter. Czech National Bank raised its holdings in Wells Fargo & Company by 4.1% during the fourth quarter. Czech National Bank now owns 721,698 shares of the financial services provider's stock worth $50,692,000 after acquiring an additional 28,314 shares in the last quarter. Finally, Fiduciary Alliance LLC bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $1,522,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Up 0.1 %

Shares of Wells Fargo & Company stock opened at $73.29 on Friday. The stock has a market capitalization of $238.49 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The stock has a 50 day moving average price of $69.07 and a two-hundred day moving average price of $72.07. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the business posted $1.20 EPS. Wells Fargo & Company's quarterly revenue was down 3.4% on a year-over-year basis. As a group, equities 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 of Directors has approved a stock repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 2.18%. Wells Fargo & Company's payout ratio is 28.73%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on WFC. Piper Sandler lowered their price target on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an "overweight" rating in a research report on Monday, April 7th. Keefe, Bruyette & Woods lifted their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a report on Thursday, January 16th. Barclays reduced their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Finally, Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $75.34.

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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