Taurus Asset Management LLC boosted its stake in Wells Fargo & Co (NYSE:WFC) by 6.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 240,963 shares of the financial services provider’s stock after purchasing an additional 14,350 shares during the quarter. Wells Fargo & Co comprises approximately 2.1% of Taurus Asset Management LLC’s holdings, making the stock its 18th largest holding. Taurus Asset Management LLC’s holdings in Wells Fargo & Co were worth $13,289,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently made changes to their positions in the business. Stelac Advisory Services LLC acquired a new stake in shares of Wells Fargo & Co during the second quarter worth approximately $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 buying 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 buying an additional 891 shares in the last quarter. BKS Advisors LLC acquired a new stake in shares of Wells Fargo & Co during the third quarter worth approximately $143,000. Finally, BDO Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co during the second quarter worth approximately $151,000. Institutional investors and hedge funds own 76.00% of the company’s stock.
Shares of Wells Fargo & Co (WFC) traded down $0.07 on Friday, hitting $59.95. 18,210,682 shares of the stock traded hands, compared to its average volume of 29,993,252. Wells Fargo & Co has a 52 week low of $49.27 and a 52 week high of $66.31. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $293,215.47, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 1.57 and a beta of 1.01.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share 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 company had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter in the prior year, the firm earned $0.96 earnings per share. Wells Fargo & Co’s revenue for the quarter was up 2.2% compared to the same quarter last year. equities analysts expect that Wells Fargo & Co will post 4.72 EPS for the current fiscal year.
Wells Fargo & Co announced that its Board of Directors has approved a stock 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 repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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. 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 is currently 38.33%.
In other Wells Fargo & Co news, Director Ronald Sargent purchased 9,000 shares of the company’s stock in a transaction on Monday, February 12th. The shares were purchased at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the transaction, the director now owns 81 shares in the company, valued at $4,534.38. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John R. Shrewsberry sold 70,000 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $56.90, for a total transaction of $3,983,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 184,482 shares of company stock worth $10,471,050. 0.22% of the stock is owned by company insiders.
A number of analysts have recently weighed in on the stock. Vetr raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.49 price target for the company in a research report on Tuesday, October 24th. UBS Group set a $63.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday, February 5th. Vertical Group raised shares of Wells Fargo & Co from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. Keefe, Bruyette & Woods downgraded shares of 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 reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Wells Fargo & Co in a report on Monday, February 5th. Six investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $62.90.
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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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