SOL Capital Management CO cut its holdings in Wells Fargo (NYSE:WFC) by 12.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,503 shares of the financial services provider’s stock after selling 4,600 shares during the quarter. SOL Capital Management CO’s holdings in Wells Fargo were worth $1,911,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. Patriot Financial Group Insurance Agency LLC increased its stake in Wells Fargo 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 by 63.9% in the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 891 shares in the last quarter. Cerebellum GP LLC purchased a new position in Wells Fargo in the 4th quarter worth about $132,000. BKS Advisors LLC purchased a new position in Wells Fargo in the 3rd quarter worth about $143,000. Finally, Delphi Private Advisors LLC increased its stake in Wells Fargo by 439.9% in the 4th quarter. Delphi Private Advisors LLC now owns 2,462 shares of the financial services provider’s stock worth $149,000 after purchasing an additional 2,006 shares in the last quarter. Hedge funds and other institutional investors own 77.32% of the company’s stock.
In other Wells Fargo news, Director Ronald Sargent purchased 9,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was bought at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the acquisition, the director now directly owns 81 shares in the company, valued at $4,534.38. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.22% of the stock is owned by insiders.
WFC has been the topic of several research analyst reports. Sandler O’Neill raised Wells Fargo from a “hold” rating to a “buy” rating and lifted their target price for the company from $62.04 to $73.00 in a research note on Tuesday, January 9th. Zacks Investment Research raised Wells Fargo from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Saturday, February 10th. Royal Bank of Canada cut Wells Fargo from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 target price on shares of Wells Fargo in a research note on Monday, February 5th. Finally, Buckingham Research raised Wells Fargo from a “neutral” rating to a “buy” rating and lifted their target price for the company from $57.00 to $75.00 in a research note on Thursday, December 21st. They noted that the move was a valuation call. Six investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $62.90.
Wells Fargo stock opened at $54.79 on Thursday. Wells Fargo has a 1-year low of $49.27 and a 1-year high of $66.31. The company has a market capitalization of $270,617.78, a P/E ratio of 13.46, a PEG ratio of 1.45 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23.
Wells Fargo (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). Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The business had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. During the same quarter last year, the firm earned $0.96 earnings per share. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. equities research analysts anticipate that Wells Fargo will post 4.72 EPS for the current year.
Wells Fargo declared that its Board of Directors has approved a share repurchase program on Tuesday, January 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 usually an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.85%. Wells Fargo’s dividend payout ratio (DPR) is presently 38.33%.
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Wells Fargo 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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