Sowell Financial Services LLC boosted its stake in Wells Fargo (NYSE:WFC) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 75,085 shares of the financial services provider’s stock after purchasing an additional 1,714 shares during the period. Wells Fargo makes up approximately 1.2% of Sowell Financial Services LLC’s holdings, making the stock its 22nd largest position. Sowell Financial Services LLC’s holdings in Wells Fargo were worth $4,802,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of WFC. Patriot Financial Group Insurance Agency LLC grew its position in shares of Wells Fargo by 0.3% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 6 shares during the period. Jackson Grant Investment Advisers Inc. grew its position in shares of Wells Fargo by 0.5% during the 2nd quarter. Jackson Grant Investment Advisers Inc. now owns 4,954 shares of the financial services provider’s stock valued at $274,000 after acquiring an additional 26 shares during the period. Financial Advisory Group grew its position in shares of Wells Fargo by 0.7% during the 2nd quarter. Financial Advisory Group now owns 5,029 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 35 shares during the period. Highland Private Wealth Management grew its position in shares of Wells Fargo by 1.0% during the 2nd quarter. Highland Private Wealth Management now owns 4,481 shares of the financial services provider’s stock valued at $248,000 after acquiring an additional 43 shares during the period. Finally, Northwest Quadrant Wealth Management LLC grew its position in shares of Wells Fargo by 0.7% during the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 9,777 shares of the financial services provider’s stock valued at $515,000 after acquiring an additional 64 shares during the period. 77.33% of the stock is owned by institutional investors and hedge funds.
WFC stock traded down $1.03 during mid-day trading on Friday, hitting $52.23. The company had a trading volume of 22,943,843 shares, compared to its average volume of 19,961,630. The stock has a market cap of $254,765.08, a P/E ratio of 12.71, a PEG ratio of 1.37 and a beta of 1.13. Wells Fargo has a 12-month low of $49.27 and a 12-month high of $66.31. 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 (NYSE:WFC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.07). The company had revenue of $22.05 billion during 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 firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.96 EPS. analysts anticipate that Wells Fargo will post 4.69 EPS for the current fiscal year.
Wells Fargo announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 23rd that allows the company to buyback 350,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
A number of equities research analysts have recently issued reports on the stock. Bank of America cut their price objective on shares of Wells Fargo from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Monday, February 5th. Morgan Stanley downgraded shares of Wells Fargo from an “equal weight” rating to an “underweight” rating in a research report on Monday, February 5th. JPMorgan Chase downgraded shares of Wells Fargo from a “neutral” rating to an “underweight” rating in a research report on Monday, February 5th. Vetr raised shares of Wells Fargo from a “sell” rating to a “hold” rating and set a $54.10 price objective for the company in a research report on Thursday. Finally, UBS raised shares of Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Thursday. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $62.31.
In related news, Director Ronald Sargent purchased 9,000 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were acquired at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the purchase, the director now directly owns 81 shares in the company, valued at $4,534.38. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.09% of the stock is owned by insiders.
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Wells Fargo Company Profile
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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