Peapack Gladstone Financial Corp Has $3.74 Million Stake in Wells Fargo & Company (NYSE:WFC)

Peapack Gladstone Financial Corp decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 75,989 shares of the financial services provider’s stock after selling 2,451 shares during the period. Peapack Gladstone Financial Corp’s holdings in Wells Fargo & Company were worth $3,740,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of WFC. Fortis Group Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the third quarter worth approximately $25,000. Arlington Trust Co LLC bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. grew its stake in shares of Wells Fargo & Company by 208.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 356,620 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $29,000. Finally, Wetzel Investment Advisors Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 1.1 %

Shares of NYSE:WFC traded down $0.65 during midday trading on Tuesday, reaching $58.69. 12,519,613 shares of the company were exchanged, compared to its average volume of 18,226,270. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. The stock has a fifty day simple moving average of $59.34 and a two-hundred day simple moving average of $53.42. The firm has a market cap of $204.61 billion, a PE ratio of 12.25, a P/E/G ratio of 1.58 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. During the same period last year, the business posted $1.23 earnings per share. The firm’s quarterly revenue was up .6% on a year-over-year basis. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.08 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were paid a $0.35 dividend. The ex-dividend date was Thursday, May 9th. This represents a $1.40 annualized dividend and a yield of 2.39%. Wells Fargo & Company’s payout ratio is currently 29.23%.

Analyst Ratings Changes

Several research firms have recently commented on WFC. Oppenheimer reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Argus raised their price objective on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Jefferies Financial Group raised their price objective on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, April 8th. StockNews.com raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $62.00 price objective (up from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Fourteen research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $58.99.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.