Point72 Hong Kong Ltd Has $10.17 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Point72 Hong Kong Ltd trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 8.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,722 shares of the financial services provider's stock after selling 13,304 shares during the quarter. Point72 Hong Kong Ltd's holdings in Wells Fargo & Company were worth $10,165,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WFC. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $26,000. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. BNP Paribas bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $30,000. Finally, Rakuten Securities Inc. raised its holdings in shares of Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after purchasing an additional 237 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Up 0.8%

WFC stock traded up $0.62 during trading hours on Friday, hitting $76.21. The company's stock had a trading volume of 13,857,805 shares, compared to its average volume of 17,517,942. The stock has a 50 day moving average price of $69.60 and a two-hundred day moving average price of $72.54. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a market capitalization of $248.01 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping 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 analysts' expectations of $20.82 billion. During the same period in the previous year, the company earned $1.20 earnings per share. Wells Fargo & Company's revenue for the quarter was down 3.4% on a year-over-year basis. On average, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

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

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Friday, May 9th. Wells Fargo & Company's payout ratio is 28.73%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Barclays dropped their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Bank of America cut their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, April 7th. JPMorgan Chase & Co. cut their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Finally, Royal Bank of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average price target of $75.73.

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.