Chelsea Counsel Co. trimmed its position in shares of Wells Fargo & Co (NYSE:WFC) by 67.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,995 shares of the financial services provider’s stock after selling 12,300 shares during the period. Chelsea Counsel Co.’s holdings in Wells Fargo & Co were worth $364,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in WFC. Stelac Advisory Services LLC purchased a new position in Wells Fargo & Co in the second quarter valued at approximately $104,000. Patriot Financial Group Insurance Agency LLC increased its stake in Wells Fargo & Co by 0.3% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 6 shares during the last quarter. Westside Investment Management Inc. increased its stake in Wells Fargo & Co by 63.9% in the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 891 shares during the last quarter. BKS Advisors LLC purchased a new position in Wells Fargo & Co in the third quarter valued at approximately $143,000. Finally, BDO Wealth Advisors LLC purchased a new position in Wells Fargo & Co in the second quarter valued at approximately $151,000. Hedge funds and other institutional investors own 75.69% of the company’s stock.
Several equities analysts have commented on WFC shares. Sandler O’Neill upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and increased their price target for the company from $62.04 to $73.00 in a research note on Tuesday, January 9th. Zacks Investment Research upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Saturday, February 10th. Vetr lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $54.49 price target on the stock. in a research note on Thursday, November 2nd. Royal Bank of Canada lowered shares of Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price target on shares of Wells Fargo & Co in a research note on Monday, February 5th. 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 has a consensus rating of “Hold” and a consensus target price of $62.90.
Shares of Wells Fargo & Co (NYSE WFC) opened at $58.81 on Friday. 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 & Co has a fifty-two week low of $49.27 and a fifty-two week high of $66.31. The firm has a market capitalization of $289,600.00, a price-to-earnings ratio of 17.05, a P/E/G ratio of 1.57 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 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The company had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. During the same period in the prior year, the business 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. analysts anticipate that Wells Fargo & Co will post 4.72 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Friday, February 2nd will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio is presently 45.22%.
Wells Fargo & Co declared that its board has initiated a stock buyback program on Tuesday, January 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Wells Fargo & Co news, Director Ronald Sargent acquired 9,000 shares of the business’s stock in a transaction on Monday, February 12th. The stock was purchased at an average price 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 of the company’s stock, valued at approximately $4,534.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 184,482 shares of company stock valued at $10,471,050. Corporate insiders own 0.22% of the company’s stock.
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Wells Fargo & Co Company 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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