Patriot Wealth Management Inc. bought a new position in shares of Wells Fargo & Co (NYSE:WFC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,618 shares of the financial services provider’s stock, valued at approximately $220,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in WFC. Stelac Advisory Services LLC bought a new position in shares of Wells Fargo & Co during the second quarter worth approximately $104,000. Patriot Financial Group Insurance Agency LLC grew its position in 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 buying an additional 6 shares in the last quarter. Westside Investment Management Inc. grew its position in 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 buying an additional 891 shares in the last quarter. BKS Advisors LLC acquired a new stake in Wells Fargo & Co during the third quarter worth approximately $143,000. Finally, BDO Wealth Advisors LLC acquired a new stake in Wells Fargo & Co during the second quarter worth approximately $151,000. Institutional investors own 75.69% of the company’s stock.
In other news, insider John R. Shrewsberry sold 70,000 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $56.90, for a total value of $3,983,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ronald Sargent purchased 9,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was purchased at an average price of $55.98 per share, with a total value of $503,820.00. Following the completion of the purchase, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The disclosure for this purchase can be found here. Insiders sold a total of 184,482 shares of company stock valued at $10,471,050 over the last quarter. 0.22% of the stock is owned by corporate insiders.
A number of equities research analysts recently issued reports on WFC shares. Sandler O’Neill raised Wells Fargo & Co from a “hold” rating to a “buy” rating and increased their price target for the stock from $62.04 to $73.00 in a research report on Tuesday, January 9th. Morgan Stanley increased their price target on Wells Fargo & Co from $72.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. JPMorgan Chase & Co. downgraded Wells Fargo & Co from a “neutral” rating to an “underweight” rating in a research report on Monday, February 5th. Sanford C. Bernstein raised Wells Fargo & Co from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $64.00 to $69.00 in a research report on Wednesday, January 3rd. Finally, Vertical Group raised Wells Fargo & Co from a “sell” rating to a “buy” rating in a research report on Thursday, December 7th. Six research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. Wells Fargo & Co has a consensus rating of “Hold” and a consensus target price of $62.90.
Shares of Wells Fargo & Co (NYSE:WFC) opened at $59.95 on Wednesday. The firm has a market capitalization of $295,210.00, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 1.57 and a beta of 1.01. Wells Fargo & Co has a twelve month low of $49.27 and a twelve month high of $66.31. 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 (NYSE:WFC) last announced its quarterly 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). Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The firm had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter in the previous year, the company posted $0.96 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. equities research analysts expect that Wells Fargo & Co will post 4.72 earnings per share for the current year.
Wells Fargo & Co declared that its Board of Directors has approved a share buyback plan on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be paid 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 is Thursday, February 1st. Wells Fargo & Co’s payout ratio is 45.22%.
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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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