Short-term stake in Wells Fargo & Company (NYSE:WFC) drops 21.6%

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Wells Fargo & Company (NYSE:WFC) was the target of a significant drop in short interest in March. As of March 31, there was short interest totaling 30,370,000 shares, down 21.6% from the March 15 total of 38,740,000 shares. Based on an average trading volume of 32,370,000 shares, the day-to-cover ratio is currently 0.9 days. Currently, 0.8% of the stock’s shares are sold short.

Several institutional investors and hedge funds have recently changed their positions in the company. Geode Capital Management LLC increased its position in Wells Fargo & Company shares by 3.0% in the third quarter. Geode Capital Management LLC now owns 66,036,650 shares of the financial services provider valued at $3,056,547,000 after acquiring an additional 1,916,314 shares during the period. Invesco Ltd. increased its stake in Wells Fargo & Company by 7.1% in the third quarter. Invesco Ltd. now owns 41,077,680 shares of the financial services provider worth $1,906,415,000 after purchasing an additional 2,710,324 shares last quarter. Norges Bank acquired a new stake in Wells Fargo & Company in Q4 for a value of approximately $1,566,470,000. Capital World Investors increased its stake in Wells Fargo & Company by 37.4% in the 4th quarter. Capital World Investors now owns 30,966,799 shares of the financial services provider worth $1,485,787,000 after buying an additional 8,421,820 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Wells Fargo & Company by 1.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 17,758,512 shares of the financial services provider worth $852,047,000 after buying an additional 321,934 shares in the last quarter. 69.01% of the shares are held by institutional investors.

Wells Fargo & Company shares opened at $46.35 on Monday. The company has a market capitalization of $176.20 billion, a P/E ratio of 9.64, a price-to-earnings growth ratio of 1.13 and a beta of 1.15. Wells Fargo & Company has a 1-year low of $41.03 and a 1-year high of $60.30. The company has a fifty-day simple moving average of $51.68 and a 200-day simple moving average of $51.14. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt ratio of 0.95.

Wells Fargo & Company (NYSE:WFC – Get Rating) last reported results on Thursday, April 14. The financial services provider reported earnings per share of $0.88 for the quarter, beating analyst consensus estimates of $0.80 by $0.08. The company posted revenue of $17.59 billion in the quarter, versus a consensus estimate of $17.82 billion. Wells Fargo & Company had a net margin of 25.35% and a return on equity of 12.20%. The company’s revenue for the quarter was down 5.2% from the same quarter last year. In the same quarter last year, the company made earnings per share of $1.05. On average, equity research analysts expect Wells Fargo & Company to post EPS of 4.02 for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 1. Shareholders of record on Friday, February 4 received a dividend of $0.25. This represents a dividend of $1.00 on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Thursday, February 3. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.20. Wells Fargo & Company’s dividend payout ratio (DPR) is 20.79%.

WFC has been the subject of several research analyst reports. Barclays downgraded Wells Fargo & Company shares from an “equal weight” rating to an “overweight” rating and raised its price target for the stock from $50.00 to $62.00 in a research note from Monday, January 3. Zacks Investment Research moved Wells Fargo & Company shares from a “hold” rating to a “strong-buy” rating and set a price target of $68.00 on the stock in a research note from the Wednesday February 16. Keefe, Bruyette & Woods raised its price target on Wells Fargo & Company stock from $57.00 to $67.00 and gave the stock an “outperform” rating in a Monday 17 research note. january. StockNews.com launched coverage on Wells Fargo & Company stocks in a research note on Thursday, March 31. They have placed a “holding” rating on the stock. Finally, Citigroup downgraded Wells Fargo & Company shares from a “neutral” rating to a “buy” rating and lowered its price target for the company from $58.00 to $56.00 in a rating of research from Monday, April 11. Four research analysts gave the stock a hold rating, fourteen gave the company a buy rating and one gave the company’s stock a strong buy rating. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $58.87.

Wells Fargo & Company Corporate Profile (Get an evaluation)

Wells Fargo & Company, a diversified financial services company, offers banking, investment, mortgage, consumer and commercial finance products and services in the United States and around the world. It operates through four segments: Consumer Banking and Lending; The Commercial Bank; Corporate and investment banking; and wealth and investment management.

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