Chartwell Investment Partners LLC trimmed its stake in Wells Fargo (NYSE:WFC) by 46.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases.
Other hedge funds also recently made changes to their positions in the company.
Wells Fargo is reeling from heavy costs and penalties related to the sales practices scandal, which came to light in 2016 and led to the ouster of ex-CEO John Stumpf and other senior management. Delphi Private Advisors LLC now owns 2,462 shares of the financial services provider's stock valued at $149,000 after buying an additional 2,006 shares in the last quarter. Holowesko Partners Ltd. grew its holdings in shares of Wells Fargo by 0.6% during the second quarter. Looking deep into the volatility of the stock; it remained 1.95% volatile for the week and 2.48% for the month. Amussen Hunsaker & Associates LLC purchased a new stake in shares of Wells Fargo in the 2nd quarter valued at approximately $625,000. About 9.07M shares traded. Monetary Management Group Inc. increased its stake in shares of Wells Fargo by 0.9% in the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider's stock valued at $127,000 after buying an additional 891 shares in the last quarter.
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WFC stock was down 3% as of Friday morning. Wells Fargo & Company's dividend payout ratio (DPR) is now 38.10%.
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It is positive, as 69 investors sold AMZN shares while 578 reduced holdings. 138 funds opened positions while 426 raised stakes. Meag Munich Ergo Kapitalanlagegesellschaft Mbh acquired 11,515 shares as Unitedhealth Group Inc (UNH)'s stock declined 0.93%.
Wells Fargo was accused of steering minority borrowers into loans they could not afford, resulting in higher fees, defaults and foreclosures than for white borrowers, and rewarding employees with bonuses for offering such loans. The stock has a market capitalization of $253,301.77, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 1.37 and a beta of 1.13.
Wells Fargo & Co. on Friday said first-quarter profit rose 6 percent, helped by a lower USA tax rate. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $1.00 by $0.04. Wells Fargo & Company had a net margin of 23.30% and a return on equity of 12.60%.
The bank said its total revenue fell 1.4% to $21.93 billion. During the same period in the prior year, the firm earned $0.96 earnings per share. research analysts anticipate that Wells Fargo will post 4.69 EPS for the current fiscal year. This is down from the banking company's revenue of $22.30 billion from the first quarter of 2017.
A spokeswoman for Wells Fargo Advisors, Emily Acquisto, said in an email that the firm "feels no need to focus on raw headcount numbers" of brokers and advisers. Murphy Pohlad Asset Mgmt Ltd Liability accumulated 37,266 shares or 1.49% of the stock. The stock has a 50 day moving average of $55.49 and a 200-day moving average of $50.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Basswood Capital Management Llc who had been investing in Wells Fargo Co New for a number of months, seems to be less bullish one the $249.44B market cap company. Guggenheim cut Wells Fargo & Company from a "neutral" rating to a "sell" rating in a research note on Tuesday, December 13th. The stock has "Buy" rating by Bank of America on Monday, February 5. BMO Capital Markets restated a "hold" rating and set a $60.00 price objective on shares of Wells Fargo in a report on Monday, February 5th. Analysts reported that the Price Target for Wells Fargo & Company might touch $75 high while the Average Price Target and Low price Target is $63.64 and $45 respectively.
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