Hennessy Advisors Inc. lowered its position in shares of Wells Fargo & Co (NYSE:WFC) by 35.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,000 shares of the financial services provider’s stock after selling 6,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Wells Fargo & Co were worth $667,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Patriot Financial Group Insurance Agency LLC raised its holdings in shares of Wells Fargo & Co by 0.3% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 6 shares in the last quarter. Westside Investment Management Inc. increased its stake in Wells Fargo & Co by 63.9% in the 2nd 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 during the period. BKS Advisors LLC acquired a new position in Wells Fargo & Co in the 3rd quarter valued at approximately $143,000. BDO Wealth Advisors LLC bought a new stake in Wells Fargo & Co in the second quarter worth approximately $151,000. Finally, Winch Advisory Services LLC boosted its holdings in shares of Wells Fargo & Co by 0.7% during the 2nd quarter. Winch Advisory Services LLC now owns 2,776 shares of the financial services provider’s stock worth $154,000 after buying an additional 20 shares during the period. Hedge funds and other institutional investors own 77.39% of the company’s stock.
A number of analysts have weighed in on WFC shares. Sandler O’Neill raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and increased their price target for the company from $62.04 to $73.00 in a report on Tuesday, January 9th. Zacks Investment Research raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Saturday, February 10th. Royal Bank of Canada lowered shares of Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. BMO Capital Markets restated a “hold” rating and set a $60.00 target price on shares of Wells Fargo & Co in a report on Monday, February 5th. Finally, Buckingham Research upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $62.90.
In other news, Director Ronald Sargent purchased 9,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was bought at an average cost of $55.98 per share, with a total value of $503,820.00. Following the completion of the purchase, the director now owns 81 shares in the company, valued at $4,534.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.22% of the stock is currently owned by corporate insiders.
Shares of Wells Fargo & Co (WFC) traded down $0.93 during trading hours on Wednesday, hitting $56.63. The stock had a trading volume of 12,134,944 shares, compared to its average volume of 23,129,814. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. The company has a market capitalization of $282,550.00, a P/E ratio of 15.79, a P/E/G ratio of 1.52 and a beta of 1.08. Wells Fargo & Co has a 1 year low of $49.27 and a 1 year high of $66.31.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). The company had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.96 EPS. sell-side analysts expect that Wells Fargo & Co will post 4.72 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Friday, February 2nd were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Co’s payout ratio is presently 43.21%.
Wells Fargo & Co declared that its board has approved a stock repurchase program on Tuesday, January 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
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Wells Fargo & Co 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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