First Capital Advisors Group LLC. purchased a new position in Wells Fargo & Co (NYSE:WFC) during the fourth quarter, Holdings Channel reports. The fund purchased 5,851 shares of the financial services provider’s stock, valued at approximately $355,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Wells Fargo & Co by 0.3% in the 2nd 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. boosted its position in shares of Wells Fargo & Co by 63.9% in the 2nd 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. Cerebellum GP LLC bought a new stake in shares of Wells Fargo & Co in the 4th quarter worth approximately $132,000. BKS Advisors LLC bought a new stake in shares of Wells Fargo & Co in the 3rd quarter worth approximately $143,000. Finally, BDO Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Co in the 2nd quarter worth approximately $151,000. 76.20% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on WFC shares. Sandler O’Neill raised Wells Fargo & Co from a “hold” rating to a “buy” rating and boosted their price target for the stock from $62.04 to $73.00 in a research report on Tuesday, January 9th. Zacks Investment Research raised Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Saturday, February 10th. Royal Bank of Canada cut Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a research report on Monday, February 5th. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price target on shares of Wells Fargo & Co in a research report on Monday, February 5th. Finally, Buckingham Research raised Wells Fargo & Co from a “neutral” rating to a “buy” rating and upped their price objective for the company from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $62.90.
Shares of Wells Fargo & Co (WFC) opened at $58.23 on Monday. The firm has a market cap of $286,740.00, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 1.52 and a beta of 1.08. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. Wells Fargo & Co has a 12 month low of $49.27 and a 12 month 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 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). The company had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. Wells Fargo & Co’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.96 earnings per share. equities research analysts predict that Wells Fargo & Co will post 4.72 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd were paid a dividend of $0.39 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a yield of 2.68%. Wells Fargo & Co’s dividend payout ratio is presently 43.21%.
Wells Fargo & Co announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
In related news, Director Ronald Sargent bought 9,000 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was acquired 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 $4,534.38. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.22% of the stock is currently owned by insiders.
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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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