IFG Advisory LLC bought a new stake in Wells Fargo (NYSE:WFC) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 15,032 shares of the financial services provider’s stock, valued at approximately $1,736,000.
Other hedge funds have also added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC grew its holdings in Wells Fargo 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 valued at $106,000 after purchasing an additional 6 shares during the period. Westside Investment Management Inc. grew its holdings in Wells Fargo by 63.9% during 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 period. Cerebellum GP LLC bought a new position in Wells Fargo during the fourth quarter valued at $132,000. BKS Advisors LLC bought a new position in Wells Fargo during the third quarter valued at $143,000. Finally, BDO Wealth Advisors LLC bought a new position in Wells Fargo during the second quarter valued at $151,000. 77.39% of the stock is owned by institutional investors.
Shares of Wells Fargo (NYSE:WFC) opened at $55.90 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. Wells Fargo has a 12-month low of $49.27 and a 12-month high of $66.31. The stock has a market capitalization of $270,760.00, a price-to-earnings ratio of 15.48, a P/E/G ratio of 1.49 and a beta of 1.08.
Wells Fargo (NYSE:WFC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The business had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. During the same quarter last year, the business posted $0.96 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. analysts expect that Wells Fargo will post 4.72 EPS for the current fiscal year.
Wells Fargo announced that its Board of Directors has initiated a share buyback 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 buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Friday, February 2nd were given a $0.39 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.79%. Wells Fargo’s dividend payout ratio (DPR) is presently 43.21%.
In other Wells Fargo news, Director Ronald Sargent acquired 9,000 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were bought 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. Company insiders own 0.22% of the company’s stock.
Several equities analysts have weighed in on the company. Bank of America reduced their price objective on Wells Fargo from $70.00 to $69.00 and set a “buy” rating for the company in a report on Monday, February 5th. Morgan Stanley lowered Wells Fargo from an “equal weight” rating to an “underweight” rating in a report on Monday, February 5th. JPMorgan Chase & Co. lowered Wells Fargo from a “neutral” rating to an “underweight” rating in a report on Monday, February 5th. Vining Sparks reissued a “buy” rating and set a $75.00 price objective on shares of Wells Fargo in a report on Monday, January 8th. Finally, UBS set a $63.00 price objective on Wells Fargo and gave the company a “hold” rating in a report on Monday, February 5th. Six equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Wells Fargo presently has an average rating of “Hold” and an average target price of $62.90.
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About Wells Fargo
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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