Sage Capital Advisors llc raised its position in Wells Fargo & Co (NYSE:WFC) by 17.0% in the 3rd quarter, Holdings Channel reports. The firm owned 51,173 shares of the financial services provider’s stock after buying an additional 7,435 shares during the period. Wells Fargo & Co makes up 2.0% of Sage Capital Advisors llc’s portfolio, making the stock its 17th biggest holding. Sage Capital Advisors llc’s holdings in Wells Fargo & Co were worth $2,822,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of WFC. Beach Investment Management LLC. acquired a new stake in shares of Wells Fargo & Co in the second quarter valued at about $1,010,000. Alley Co LLC increased its stake in shares of Wells Fargo & Co by 4.3% in the second quarter. Alley Co LLC now owns 100,567 shares of the financial services provider’s stock valued at $5,572,000 after buying an additional 4,143 shares during the period. Baxter Bros Inc. increased its stake in shares of Wells Fargo & Co by 0.4% in the second quarter. Baxter Bros Inc. now owns 210,199 shares of the financial services provider’s stock valued at $11,647,000 after buying an additional 936 shares during the period. Armbruster Capital Management Inc. increased its stake in shares of Wells Fargo & Co by 60.5% in the second quarter. Armbruster Capital Management Inc. now owns 3,530 shares of the financial services provider’s stock valued at $196,000 after buying an additional 1,330 shares during the period. Finally, Financial Advisory Service Inc. increased its stake in shares of Wells Fargo & Co by 0.6% in the second quarter. Financial Advisory Service Inc. now owns 7,067 shares of the financial services provider’s stock valued at $392,000 after buying an additional 42 shares during the period. Hedge funds and other institutional investors own 76.00% of the company’s stock.
In other news, VP Richard Levy sold 97,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total value of $5,477,590.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider John R. Shrewsberry sold 70,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,482 shares of company stock worth $10,471,050. Corporate insiders own 0.22% of the company’s stock.
Wells Fargo & Co (WFC) opened at $59.95 on Friday. The stock has a market capitalization of $295,210.00, a P/E ratio of 17.38, a price-to-earnings-growth ratio of 1.57 and a beta of 1.01. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $66.31.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). The firm had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.96 EPS. equities analysts expect that Wells Fargo & Co will post 4.72 EPS for the current year.
Wells Fargo & Co declared that its board has authorized a share buyback plan on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $1.56 annualized dividend and a yield of 2.60%. Wells Fargo & Co’s payout ratio is currently 45.22%.
Several equities research analysts have recently weighed in on the company. Morgan Stanley cut Wells Fargo & Co from an “overweight” rating to an “underweight” rating and decreased their price target for the company from $75.00 to $64.00 in a research note on Tuesday, February 6th. Zacks Investment Research cut Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. UBS Group set a $63.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a research note on Monday, February 5th. Vetr raised Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.78 target price for the company in a research note on Monday, February 12th. Finally, Royal Bank of Canada cut Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $62.90.
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Wells Fargo & Co 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.
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