Vaughan David Investments Inc. IL trimmed its position in shares of Wells Fargo & Co (NYSE:WFC) by 96.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,376 shares of the financial services provider’s stock after selling 464,923 shares during the quarter. Vaughan David Investments Inc. IL’s holdings in Wells Fargo & Co were worth $845,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Rockland Trust Co. lifted its stake in shares of Wells Fargo & Co by 0.6% in the second quarter. Rockland Trust Co. now owns 316,530 shares of the financial services provider’s stock worth $17,539,000 after acquiring an additional 1,856 shares during the period. Heartland Advisors Inc. increased its holdings in Wells Fargo & Co by 3.9% in the second quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock worth $15,102,000 after purchasing an additional 10,318 shares in the last quarter. Eagle Global Advisors LLC increased its holdings in Wells Fargo & Co by 1.8% in the second quarter. Eagle Global Advisors LLC now owns 119,625 shares of the financial services provider’s stock worth $6,628,000 after purchasing an additional 2,172 shares in the last quarter. Personal Capital Advisors Corp increased its holdings in Wells Fargo & Co by 5.0% in the third quarter. Personal Capital Advisors Corp now owns 554,429 shares of the financial services provider’s stock worth $30,577,000 after purchasing an additional 26,614 shares in the last quarter. Finally, New Jersey Better Educational Savings Trust increased its holdings in Wells Fargo & Co by 10.0% in the second quarter. New Jersey Better Educational Savings Trust now owns 33,000 shares of the financial services provider’s stock worth $1,829,000 after purchasing an additional 3,000 shares in the last quarter. 76.00% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on WFC. Vetr upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.49 target price for the company in a report on Tuesday, October 24th. UBS Group set a $63.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a report on Monday, February 5th. Vertical Group upgraded Wells Fargo & Co from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. Keefe, Bruyette & Woods downgraded Wells Fargo & Co from an “outperform” rating to a “market perform” rating and set a $63.00 price objective for the company. in a report on Sunday, February 4th. Finally, BMO Capital Markets restated a “hold” rating and set a $60.00 price objective on shares of Wells Fargo & Co in a report on Monday, February 5th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $76.34.
Shares of Wells Fargo & Co (NYSE WFC) traded up $1.55 during midday trading on Wednesday, hitting $59.55. The stock had a trading volume of 23,680,997 shares, compared to its average volume of 25,680,000. Wells Fargo & Co has a 1 year low of $49.27 and a 1 year high of $66.31. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. The stock has a market cap of $293,240.00, a PE ratio of 14.42, a PEG ratio of 1.48 and a beta of 1.01.
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). 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 for the quarter, compared to analysts’ expectations of $22.64 billion. During the same period in the prior year, the company earned $0.96 EPS. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. research analysts forecast that Wells Fargo & Co will post 4.72 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Friday, February 2nd will be paid a dividend of $0.39 per share. The ex-dividend date is Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.62%. Wells Fargo & Co’s payout ratio is 37.77%.
Wells Fargo & Co declared that its Board of Directors has authorized a share repurchase program on Tuesday, January 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In related news, Director Ronald Sargent acquired 9,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were bought at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the purchase, the director now owns 81 shares in the company, valued at approximately $4,534.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Richard Levy sold 97,000 shares of the company’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $56.47, for a total value of $5,477,590.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,482 shares of company stock worth $10,471,050. 0.22% of the stock is currently owned by corporate insiders.
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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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