Commonwealth Equity Services LLC Has $14.95 Million Holdings in Citigroup Inc (C)

The firm owned 287,127 shares of the financial services provider’s stock after selling 19,862 shares during the quarter. Commonwealth Equity …

Citigroup logoCommonwealth Equity Services LLC lowered its position in Citigroup Inc (NYSE:C) by 6.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 287,127 shares of the financial services provider’s stock after selling 19,862 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Citigroup were worth $14,947,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in C. Condor Capital Management boosted its holdings in Citigroup by 0.5% during the fourth quarter. Condor Capital Management now owns 31,706 shares of the financial services provider’s stock worth $1,651,000 after buying an additional 164 shares in the last quarter. Appleton Partners Inc. MA boosted its holdings in Citigroup by 0.4% during the fourth quarter. Appleton Partners Inc. MA now owns 39,955 shares of the financial services provider’s stock worth $2,080,000 after buying an additional 175 shares in the last quarter. TCI Wealth Advisors Inc. boosted its holdings in Citigroup by 7.6% during the fourth quarter. TCI Wealth Advisors Inc. now owns 2,806 shares of the financial services provider’s stock worth $146,000 after buying an additional 197 shares in the last quarter. Highstreet Asset Management Inc. boosted its holdings in Citigroup by 1.9% during the fourth quarter. Highstreet Asset Management Inc. now owns 10,700 shares of the financial services provider’s stock worth $557,000 after buying an additional 200 shares in the last quarter. Finally, Stillwater Investment Management LLC boosted its holdings in Citigroup by 0.7% during the fourth quarter. Stillwater Investment Management LLC now owns 29,668 shares of the financial services provider’s stock worth $1,545,000 after buying an additional 204 shares in the last quarter. Institutional investors own 71.25% of the company’s stock.

In other Citigroup news, insider W. Bradford Hu sold 5,420 shares of the stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $64.27, for a total value of $348,343.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Whitaker sold 7,000 shares of the stock in a transaction that occurred on Wednesday, February 13th. The stock was sold at an average price of $63.24, for a total transaction of $442,680.00. The disclosure for this sale can be found here. 0.11% of the stock is owned by corporate insiders.

Citigroup stock opened at $62.31 on Tuesday. Citigroup Inc has a 52 week low of $48.42 and a 52 week high of $76.53. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.99 and a quick ratio of 1.00. The company has a market capitalization of $159.50 billion, a P/E ratio of 9.37, a PEG ratio of 0.81 and a beta of 1.67.

Citigroup (NYSE:C) last posted its quarterly earnings data on Monday, January 14th. The financial services provider reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.06. Citigroup had a net margin of 18.58% and a return on equity of 9.93%. The firm had revenue of $17.10 billion during the quarter, compared to analyst estimates of $17.57 billion. During the same quarter last year, the business posted $1.28 EPS. The company’s revenue was down 2.3% on a year-over-year basis. Equities analysts forecast that Citigroup Inc will post 7.45 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, February 22nd. Shareholders of record on Monday, February 4th were given a $0.45 dividend. The ex-dividend date of this dividend was Friday, February 1st. This represents a $1.80 dividend on an annualized basis and a yield of 2.89%. Citigroup’s payout ratio is 27.07%.

A number of analysts recently weighed in on C shares. Zacks Investment Research cut shares of Citigroup from a “buy” rating to a “hold” rating in a report on Thursday, November 15th. Credit Suisse Group reduced their target price on shares of Citigroup from $88.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, December 7th. TheStreet cut shares of Citigroup from a “b-” rating to a “c+” rating in a report on Tuesday, December 11th. Standpoint Research raised shares of Citigroup from a “hold” rating to a “buy” rating and set a $49.70 price objective for the company in a research note on Wednesday, December 26th. Finally, Barclays decreased their price objective on shares of Citigroup from $93.00 to $82.00 and set an “overweight” rating for the company in a research note on Wednesday, January 2nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $77.33.

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Citigroup Profile

Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment offers traditional banking services to retail customers through retail banking, commercial banking, Citi-branded cards, and Citi retail services.

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Institutional Ownership by Quarter for Citigroup (NYSE:C)

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Citigroup Inc (C) Position Reduced by BlackRock Inc.

BlackRock Inc. trimmed its holdings in shares of Citigroup Inc (NYSE:C) by 2.8% in the 4th quarter, according to the company in its most recent …

Citigroup logoBlackRock Inc. trimmed its holdings in shares of Citigroup Inc (NYSE:C) by 2.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 172,569,709 shares of the financial services provider’s stock after selling 5,005,388 shares during the quarter. BlackRock Inc. owned about 6.71% of Citigroup worth $8,983,980,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Northeast Financial Consultants Inc bought a new stake in Citigroup during the third quarter worth about $545,000. ValueAct Holdings L.P. lifted its stake in Citigroup by 4.2% during the third quarter. ValueAct Holdings L.P. now owns 26,225,500 shares of the financial services provider’s stock worth $1,881,417,000 after purchasing an additional 1,050,000 shares during the last quarter. Rampart Investment Management Company LLC lifted its stake in Citigroup by 56.0% during the third quarter. Rampart Investment Management Company LLC now owns 68,862 shares of the financial services provider’s stock worth $1,832,768,000 after purchasing an additional 24,716 shares during the last quarter. Trinity Street Asset Management LLP lifted its stake in Citigroup by 0.7% during the fourth quarter. Trinity Street Asset Management LLP now owns 419,840 shares of the financial services provider’s stock worth $21,856,000 after purchasing an additional 2,924 shares during the last quarter. Finally, Stillwater Investment Management LLC lifted its stake in Citigroup by 0.7% during the fourth quarter. Stillwater Investment Management LLC now owns 29,668 shares of the financial services provider’s stock worth $1,545,000 after purchasing an additional 204 shares during the last quarter. Institutional investors and hedge funds own 71.25% of the company’s stock.

In other Citigroup news, insider Michael Whitaker sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 13th. The stock was sold at an average price of $63.24, for a total transaction of $442,680.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider W. Bradford Hu sold 5,420 shares of the company’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $64.27, for a total value of $348,343.40. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

C opened at $62.51 on Thursday. The company has a market cap of $159.73 billion, a price-to-earnings ratio of 9.40, a price-to-earnings-growth ratio of 0.81 and a beta of 1.67. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.99 and a quick ratio of 1.00. Citigroup Inc has a one year low of $48.42 and a one year high of $76.53.

Citigroup (NYSE:C) last released its quarterly earnings results on Monday, January 14th. The financial services provider reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.06. The business had revenue of $17.10 billion during the quarter, compared to analyst estimates of $17.57 billion. Citigroup had a return on equity of 9.93% and a net margin of 18.58%. Citigroup’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.28 EPS. Equities research analysts forecast that Citigroup Inc will post 7.47 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, February 22nd. Shareholders of record on Monday, February 4th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Friday, February 1st. Citigroup’s payout ratio is 27.07%.

C has been the subject of a number of recent research reports. Barclays lowered their target price on Citigroup from $93.00 to $82.00 and set an “overweight” rating for the company in a research note on Wednesday, January 2nd. Wells Fargo & Co lowered Citigroup to a “buy” rating in a research note on Friday, January 4th. Zacks Investment Research lowered Citigroup from a “buy” rating to a “hold” rating in a research note on Tuesday, November 27th. Credit Suisse Group lowered their target price on Citigroup from $88.00 to $80.00 and set an “outperform” rating for the company in a research note on Friday, December 7th. Finally, Standpoint Research raised Citigroup from a “hold” rating to a “buy” rating and set a $49.70 target price for the company in a research note on Wednesday, December 26th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $77.33.

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About Citigroup

Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment offers traditional banking services to retail customers through retail banking, commercial banking, Citi-branded cards, and Citi retail services.

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Institutional Ownership by Quarter for Citigroup (NYSE:C)

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A Deeper Look At The BB&T And SunTrust Merger

… operations here for Wells Fargo and Ally Bank, the headquarters of online lender LendingTree and a lot of related financial technology businesses.
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Charlotte’s reputation as a major banking center is getting a big boost. Southeastern regional banks BB&T of Winston-Salem and SunTrust of Atlanta are merging to create the nation’s sixth largest bank. The combined company will have a new name, yet to be announced. And it will be headquartered in Charlotte.

WFAE reporter David Boraks joined “All Things Considered” host Mark Rumsey to discuss the merger.

Mark Rumsey: Was this a surprise?

David Boraks: Yes, to many of who us who have followed these two banks for a long time. One analyst I talked to used the word “shock.” The Atlanta Journal-Constitution called it a “stunning announcement.” In Charlotte, people are buzzing about this new corporate headquarters that seems to have dropped out of the sky.

My colleague Sarah Delia talked with Ernie Reigel, interim CEO of the Charlotte Regional Business Alliance. Here’s what Reigel said:

“General reaction was a big wow, it’s an incredible win for Charlotte. That hits on a lot of different levels. The fact that we’ve got another Fortune 500 company, effectively, moving their headquarters to Charlotte. To the fact that you have two banks that are very well regarded from a trust and integrity and performance standpoint combining into one, with two incredible leaders — Kelly King and Bill Rodgers — that are going to be a part of the Charlotte region and community.”

Boraks: It’s been a decade since Charlotte had two large bank headquarters. The city was the nation’s Number 2 banking center before Wachovia was swallowed up by Wells Fargo. But it has continued to grow in importance — with major operations here for Wells Fargo and Ally Bank, the headquarters of online lender LendingTree and a lot of related financial technology businesses.

Related Story: Charlotte Gains Another Banking Headquarters

Rumsey: How was the news received in Winston-Salem and Atlanta?

Boraks: It hit hard in Winston-Salem, where Mayor Allen Joines learned about it in a phone call at 6:30 this morning. He says he hopes that having the companies’ combined community banking headquarters in the city will eventually boost employment. Here’s what Joines said:

“We believe that the job numbers will be OK in the long run, the division headquarters. But certainly we’re disappointed that we’re losing the corporate headquarters, don’t make any mistake about that.”

Boraks: There’s also a lot of disappointment in Atlanta. To many, it was a reminder of the merger mania of years past, when banks like NationsBank, First Union and Wachovia gobbled up Atlanta’s banks. SunTrust was founded there in 1891. Atlanta news media are pointing out that they’ll have to change the name of SunTrust Park, where the Braves play.

And by the way, this also means new names for BB&T Ballpark in Charlotte and Winston-Salem. The upside is those stadium deals mean the new name will be on the tongues of thousands of sport fans.

Rumsey: Speaking of names, they say they’ll pick a new one for the combined bank. Why?

Boraks: A couple of reasons. By opting for a new name, they’re standing on equal footing — and avoiding a fight. In the conference call with analysts this morning, both BB&T CEO Kelly King and SunTrust CEO Bill Rogers described this as a “transformative deal.” They want to signal to investors and to customers that this will be a different company. So, time for a new name.

Rumsey: So, why is this happening now?

Boraks: BB&T and SunTrust have both grown beyond their home states over the past couple of decades by buying up smaller regional banks. But that’s gotten a lot harder to do. Smaller banks have gotten too expensive. Especially newer startup community banks seem to have business model that involves growing, then selling out to the big guys. And price expectations are rising, which is why King says they stopped buying smaller banks:

“The economics didn’t work. The marketplace has priced smaller institutions at a level that we couldn’t make the numbers work.”

Boraks: Another reason is technology, which is expensive and changing quickly. The companies both say they want to improve their use of technology to serve customers better. They said this morning they’re planning to spend an extra $100 million a year going forward on technology.

Much of that will come out of Charlotte. In addition to the headquarters, the companies plan an expanded Innovation and Technology Center here.

Rumsey: Are these two companies a good fit? Any worries about this deal?

Boraks: These are two similarly-sized companies — they’re currently the 11th and 12th largest U.S. banks by assets. Both in their own way have been seen as conservative southern banks. But they’re different, says independent bank analyst Nancy Bush:

“You know much was made this morning about similar cultures and as an analyst who’s followed two of these both of these companies for over 20 years I’d say no, not so much.”

Bush says BB&T was largely built by a strong CEO, John Allison, who retired 10 years ago. The culture he built is strong and intact. She says SunTrust has struggled over the years with clashes between its different geographies, and between pushing a retail culture versus a corporate culture. We’ll see how those come together when they start making personnel decisions.

Rumsey: So, is this a huge regional bank, or a national bank?

Boraks: Great question. I’d put it in the large regional bank category, but one with national aspirations. They’ll be in 17 states and the District of Columbia — but nothing west of Texas and Indiana.

Together, they’ll have $442 billion in assets. But that’s still a lot smaller than the top four banks, which all have over a trillion dollars. It’s still about one-quarter the size of Bank of America and Wells Fargo.

I guess a big question is, will there be another big deal someday to take them coast-to-coast?

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BREAKING: Atlanta’s SunTrust to merge with BB&T, shift HQ to Charlotte

First Data, which has its corporate headquarters in Sandy Springs, announced it will merge with rival financial technology company Fiserv in a $22 …

Atlanta-based SunTrust Banks and its Southeastern rival, Winston-Salem, N.C.-based BB&T, said Thursday they will merge in a $66 billion all-stock combination to create the sixth-largest bank in the U.S., a marriage that will cost Atlanta a Fortune 500 headquarters.

The combined company, which will merge under a to-be-determined name, will be based in Charlotte, while Atlanta will be home of the new company’s wholesale banking operations.

Thursday’s stunning announcement is an echo of the bank consolidation waves of the 1980s, 1990s and 2000s, when top Atlanta banks were gobbled up by their North Carolina rivals, diminishing Atlanta’s clout as a banking town and propelling Charlotte among the nation’s financial services capitals.

Wachovia, which was later absorbed by Wells Fargo, traces its roots in part to First Atlanta Bank. Bank of America was once known as NationsBank, whose predecessor institutions included C&S/Sovran, a storied Atlanta lender.

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Now, this latest combination consumes SunTrust, founded in Atlanta in 1891 as Commercial Travelers’ Savings Bank and later known as Trust Company of Georgia. So entwined in greater Atlanta and Georgia’s history is SunTrust and its predecessor institutions, that in 1919, Trust Company was an underwriter for the Coca-Cola Co., and one of the earliest holders of Coke’s stock.

For decades, Trust Company and later SunTrust secured the beverage giant’s secret formula in its vault.

Cobb County chairman Tim Lee, left, Atlanta Braves chairman Terry McGuirk, second from left, SunTrust CEO William Rogers, third from left, Georgia Gov. Nathan Deal, second from right, and Hall of Fame baseball player Hank Aaron, right, wrap up a ground breaking ceremony Tuesday, Sept. 16, 2014, in Atlanta, for the Atlanta Braves new baseball stadium, which will be called SuntTust Park. (AP Photo/John Amis)(Associated Press/AP)

SunTrust, which has its namesake tower in downtown Atlanta, made a splash a few years ago putting its name on the new Braves stadium in Cobb County. A Braves spokeswoman declined comment, but the ballpark will likely see its name changed only a few years after it opened to the new company’s moniker.

The new bank will have an estimated $442 billion in assets, $301 billion in loans and $324 billion in deposits, the companies said, serving 10 million households in the U.S.

“This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future,” BB&T Chairman and CEO Kelly S. King. “It’s an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services. Together with Bill’s leadership and our new SunTrust teammates, we’re going to bring the best of both companies forward to serve our clients and communities.”

The merger is expected to be completed by the end of this year. In the news release, King will be the chairman and chief executive of the combined banking company until Sept. 12, 2021 and then transition to the role of executive chairman until March 2022 and remain on the board through 2023.

The SunTrust Plaza in downtown at 303 Peachtree St. as seen from the folk art park at the intersection of Ralph McGill Boulevard and Courtland Street. The building is 871 feet tall with 60 floors.(Rich Addicks / raddicks@ajc.com)

The future board will be evenly split among SunTrust and BB&T directors.

William H. Rogers Jr., the chairman and CEO of SunTrust, will be the president and chief operating officer of the combined bank, assuming the role of CEO after King steps down from that position. Rogers also will serve on the board.

“By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients,” Rogers said in a news release. “Our shared culture embraces the disruption of technology and we will take this innovative mindset to expand our leadership in the next chapter of these historic brands.”

In an analyst conference call, Rogers said the new bank will continue to invest in its “historic” hometowns of Atlanta and Winston-Salem.

Hala Moddelmog, CEO of the Metro Atlanta Chamber, called the tie-up an “undeniably smart business decision.”

“While we’re disappointed that the new company’s headquarters will not be in Atlanta, SunTrust has long been a strong community partner,” she said in a statement. “We are encouraged that the new company is committing to increasing community investment in our region.

Atlanta as head of the wholesale bank will be in charges of functions such as commercial banking and payments, critical functions with the combined entity, said Chris Marinac, analyst with FIG Partners.

Though Atlanta loses a Fortune 500 headquarters, the city will remain a vital part of the new bank’s infrastructure.

“It’s the nucleus of a big commercial bank,” he said. “Having Atlanta with the headquarters of wholesale is terrific.”

The merger, Marinac said, is being driven by the need of both banks to advance their technology platforms to cope with a banking system being disrupted by new technology such as online transactions and products that can be delivered by smartphones and the internet.

In combining the two Southern banks, the new bank will lean on SunTrust’s strengths in corporate and investment banking and BB&T’s stronger positions in community banking and insurance services.

But overlaps in the markets they serve will undoubtedly lead to branch closures and job cuts as the two behemoths combine and find redundant operations.

In the release, the companies forecast about $1.6 billion in annual cost savings by 2022. The savings, or “synergies” as it was euphemistically called in the release, primarily will come from “facilities, information technology/systems, shared services, retail banking and third-party vendors.”

SunTrust and BB&T both weathered the financial collapse and the Great Recession in part due to billions in bailout funds from the federal government. But the post-recession boom that followed has been good for both banks, which paid back the government loans and returned to healthy profits.

Thursday’s announcement marked the second mega-merger involving an Atlanta area company in just three weeks. First Data, which has its corporate headquarters in Sandy Springs, announced it will merge with rival financial technology company Fiserv in a $22 billion deal that also will cost the Atlanta region a major headquarters.

More as this story develops…

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$20.88 Billion in Sales Expected for Wells Fargo & Co (WFC) This Quarter

Finally, Millennium Management LLC raised its stake in shares of Wells Fargo & Co by 83.7% during the second quarter. Millennium Management …

Wells Fargo & Co logoBrokerages expect that Wells Fargo & Co (NYSE:WFC) will announce $20.88 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Wells Fargo & Co’s earnings. The highest sales estimate is $21.15 billion and the lowest is $20.63 billion. Wells Fargo & Co posted sales of $21.93 billion in the same quarter last year, which would indicate a negative year over year growth rate of 4.8%. The firm is scheduled to report its next earnings report on Friday, April 12th.

According to Zacks, analysts expect that Wells Fargo & Co will report full year sales of $85.09 billion for the current financial year, with estimates ranging from $83.97 billion to $86.43 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $86.60 billion, with estimates ranging from $84.97 billion to $88.12 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Wells Fargo & Co.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, January 15th. The financial services provider reported $1.21 EPS for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.04. Wells Fargo & Co had a net margin of 22.95% and a return on equity of 13.34%. The business had revenue of $20.98 billion for the quarter, compared to analyst estimates of $21.80 billion. During the same period last year, the company posted $1.16 earnings per share. The company’s quarterly revenue was down 4.9% compared to the same quarter last year.

WFC has been the topic of several recent analyst reports. Robert W. Baird reiterated a “buy” rating and issued a $59.00 target price on shares of Wells Fargo & Co in a report on Wednesday, January 2nd. Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Monday, December 17th. Wolfe Research lowered Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 8th. ValuEngine upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. Finally, BMO Capital Markets upped their target price on Wells Fargo & Co to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 15th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $61.93.

Shares of Wells Fargo & Co stock remained flat at $$48.91 during trading on Friday. 21,120,970 shares of the company traded hands, compared to its average volume of 21,392,942. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 1.32. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $65.53. The stock has a market capitalization of $238.57 billion, a PE ratio of 11.17, a PEG ratio of 0.88 and a beta of 1.11.

Wells Fargo & Co declared that its Board of Directors has approved a stock buyback program on Tuesday, October 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 1st will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.68%. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Thursday, January 31st. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 41.10%.

Several hedge funds and other institutional investors have recently modified their holdings of WFC. Capital International Investors boosted its position in Wells Fargo & Co by 270.1% during the 3rd quarter. Capital International Investors now owns 89,775,252 shares of the financial services provider’s stock valued at $4,718,587,000 after acquiring an additional 65,517,025 shares in the last quarter. Primecap Management Co. CA lifted its position in Wells Fargo & Co by 47.1% during the third quarter. Primecap Management Co. CA now owns 38,512,187 shares of the financial services provider’s stock valued at $2,024,201,000 after buying an additional 12,337,098 shares in the last quarter. OppenheimerFunds Inc. lifted its position in Wells Fargo & Co by 1,283.4% during the third quarter. OppenheimerFunds Inc. now owns 3,087,235 shares of the financial services provider’s stock valued at $162,264,000 after buying an additional 2,864,065 shares in the last quarter. Royal London Asset Management Ltd. purchased a new stake in shares of Wells Fargo & Co during the second quarter valued at approximately $118,780,000. Finally, Millennium Management LLC raised its stake in shares of Wells Fargo & Co by 83.7% during the second quarter. Millennium Management LLC now owns 4,089,380 shares of the financial services provider’s stock valued at $226,715,000 after purchasing an additional 1,863,357 shares during the period. Institutional investors own 72.89% of the company’s stock.

Wells Fargo & Co Company Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company’s Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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Earnings History and Estimates for Wells Fargo & Co (NYSE:WFC)

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