Confluence Investment Management LLC lowered its stake in Wells Fargo & Co (NYSE:WFC) by 34.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,275 shares of the financial services provider’s stock after selling 2,222 shares during the quarter. Confluence Investment Management LLC’s holdings in Wells Fargo & Co were worth $259,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of WFC. Stelac Advisory Services LLC purchased a new stake in shares of Wells Fargo & Co during the second quarter worth about $104,000. Patriot Financial Group Insurance Agency LLC grew its position in shares of Wells Fargo & Co by 0.3% during the second 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. grew its position in shares of Wells Fargo & Co by 63.9% during the second 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. BKS Advisors LLC purchased a new stake in shares of Wells Fargo & Co during the third quarter worth about $143,000. Finally, BDO Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Co during the second quarter worth about $151,000. 75.69% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Michael J. Loughlin sold 17,482 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $57.80, for a total value of $1,010,459.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronald Sargent bought 9,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was bought at an average price of $55.98 per share, with a total value of $503,820.00. Following the acquisition, the director now owns 81 shares in the company, valued at approximately $4,534.38. The disclosure for this purchase can be found here. In the last quarter, insiders sold 184,482 shares of company stock valued at $10,471,050. Company insiders own 0.22% of the company’s stock.
Wells Fargo & Co (NYSE WFC) opened at $59.95 on Tuesday. The company has a market capitalization of $295,210.00, a P/E ratio of 17.38, a PEG 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 1-year low of $49.27 and a 1-year high of $66.31.
Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the Zacks’ consensus estimate 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%. Wells Fargo & Co’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.96 EPS. research analysts forecast that Wells Fargo & Co will post 4.72 earnings per share for the current year.
Wells Fargo & Co announced that its Board of Directors has initiated a share buyback 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. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend is Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio (DPR) is 45.22%.
Several analysts recently issued reports on WFC shares. Vetr cut Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $52.91 target price for the company. in a research report on Monday, October 23rd. Royal Bank of Canada reiterated a “buy” rating and set a $60.00 target price on shares of Wells Fargo & Co in a research report on Wednesday, November 15th. Vertical Group upgraded Wells Fargo & Co from a “sell” rating to a “buy” rating in a research report on Thursday, December 7th. Zacks Investment Research upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, December 19th. Finally, Buckingham Research upgraded Wells Fargo & Co from a “neutral” rating to a “buy” rating and increased their target price for the stock from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Six research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $62.90.
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About Wells Fargo & Co
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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