Arcadia Investment Management Corp MI boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 9.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 8,874 shares of the financial services provider’s stock after buying an additional 800 shares during the period. Arcadia Investment Management Corp MI’s holdings in Wells Fargo & were worth $494,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Dodge & Cox purchased a new stake in Wells Fargo & during the fourth quarter worth $3,942,119,000. Norges Bank purchased a new stake in Wells Fargo & during the fourth quarter worth $2,800,566,000. Teachers Advisors LLC boosted its stake in Wells Fargo & by 1.2% in the fourth quarter. Teachers Advisors LLC now owns 11,122,633 shares of the financial services provider’s stock worth $612,968,000 after buying an additional 134,282 shares in the last quarter. AQR Capital Management LLC boosted its stake in Wells Fargo & by 44.7% in the fourth quarter. AQR Capital Management LLC now owns 9,439,158 shares of the financial services provider’s stock worth $520,192,000 after buying an additional 2,916,320 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Wells Fargo & by 83.9% in the first quarter. Canada Pension Plan Investment Board now owns 7,972,116 shares of the financial services provider’s stock worth $443,728,000 after buying an additional 3,637,100 shares in the last quarter. Institutional investors and hedge funds own 75.85% of the company’s stock.
Shares of Wells Fargo & Company (NYSE WFC) traded down 0.57% during mid-day trading on Monday, reaching $52.54. 22,673,681 shares of the company’s stock were exchanged. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99. The stock has a 50 day moving average price of $54.49 and a 200 day moving average price of $55.11. The stock has a market cap of $260.95 billion, a price-to-earnings ratio of 12.94 and a beta of 0.95.
Wells Fargo & (NYSE:WFC) last announced its earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.02 by $0.05. The business had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The company’s revenue was up .2% on a year-over-year basis. During the same period last year, the business posted $1.01 EPS. Equities research analysts predict that Wells Fargo & Company will post $4.17 EPS for the current year.
Wells Fargo & announced that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that permits the company to repurchase $11.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 4th will be issued a dividend of $0.39 per share. The ex-dividend date is Wednesday, August 2nd. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 2.97%. Wells Fargo &’s payout ratio is currently 38.42%.
TRADEMARK VIOLATION WARNING: This piece of content was originally posted by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this piece of content on another website, it was copied illegally and republished in violation of international copyright and trademark legislation. The original version of this piece of content can be accessed at https://stocknewstimes.com/2017/08/07/wells-fargo-company-wfc-shares-bought-by-arcadia-investment-management-corp-mi-updated-updated.html.
A number of research firms recently commented on WFC. Berenberg Bank cut shares of Wells Fargo & from a “hold” rating to a “sell” rating and lifted their target price for the stock from $35.00 to $45.00 in a research note on Friday, July 21st. Vining Sparks upgraded shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 target price for the company in a research note on Thursday, April 27th. Evercore ISI reiterated an “outperform” rating and issued a $64.00 target price on shares of Wells Fargo & in a research note on Tuesday, April 18th. Keefe, Bruyette & Woods reiterated an “overweight” rating on shares of Wells Fargo & in a research note on Thursday, July 13th. Finally, Piper Jaffray Companies upgraded shares of Wells Fargo & from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $54.84 to $55.00 in a research note on Monday, April 10th. Six investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $55.87.
In other Wells Fargo & news, insider Mary T. Mack sold 38,988 shares of Wells Fargo & stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $52.58, for a total transaction of $2,049,989.04. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael J. Loughlin sold 20,000 shares of Wells Fargo & stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $52.16, for a total value of $1,043,200.00. Following the sale, the insider now owns 7 shares in the company, valued at $365.12. The disclosure for this sale can be found here. Insiders have sold a total of 131,278 shares of company stock worth $6,940,120 over the last 90 days. 0.22% of the stock is owned by company insiders.
Wells Fargo & Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.
