Tarbox Family Office Inc. raised its holdings in shares of Wells Fargo (NYSE:WFC) by 22.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,428 shares of the financial services provider’s stock after acquiring an additional 2,503 shares during the quarter. Wells Fargo makes up about 0.3% of Tarbox Family Office Inc.’s investment portfolio, making the stock its 25th biggest position. Tarbox Family Office Inc.’s holdings in Wells Fargo were worth $815,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of WFC. Vantage Financial Partners Ltd. Inc. bought a new stake in Wells Fargo during the second quarter worth approximately $1,095,000. Patriot Financial Group Insurance Agency LLC boosted its position in shares of 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 buying an additional 6 shares during the period. Cerebellum GP LLC purchased a new position in shares of Wells Fargo during the fourth quarter valued at approximately $132,000. Westside Investment Management Inc. boosted its position in shares of 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 buying an additional 891 shares during the period. Finally, BKS Advisors LLC purchased a new position in shares of Wells Fargo during the third quarter valued at approximately $143,000. 77.33% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have issued reports on the company. UBS upgraded Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Thursday. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $57.00 price target on shares of Wells Fargo in a report on Thursday. Vetr upgraded Wells Fargo from a “sell” rating to a “hold” rating and set a $54.10 price target for the company in a report on Thursday. Zacks Investment Research lowered Wells Fargo from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Finally, Morgan Stanley lowered Wells Fargo from an “overweight” rating to an “underweight” rating and lowered their price target for the company from $75.00 to $64.00 in a report on Tuesday, February 6th. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $62.31.
Shares of WFC stock traded down $1.03 during mid-day trading on Friday, hitting $52.23. 22,943,843 shares of the stock were exchanged, compared to its average volume of 19,961,630. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23. Wells Fargo has a 52-week low of $49.27 and a 52-week high of $66.31. The firm has a market cap of $259,789.17, a P/E ratio of 12.71, a PEG ratio of 1.40 and a beta of 1.13.
Wells Fargo (NYSE:WFC) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). The firm had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.96 earnings per share. analysts anticipate that Wells Fargo will post 4.7 earnings per share for the current fiscal year.
Wells Fargo announced that its board has approved a share buyback plan 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 plans are often an indication that the company’s management believes its shares are undervalued.
In related news, Director Ronald Sargent purchased 9,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were purchased at an average cost of $55.98 per share, with a total value of $503,820.00. Following the purchase, the director now owns 81 shares of the company’s stock, valued at approximately $4,534.38. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.09% of the company’s stock.
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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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