Ullmann Financial Group Inc. acquired a new stake in shares of Wells Fargo (NYSE:WFC) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,202 shares of the financial services provider’s stock, valued at approximately $384,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Beach Investment Management LLC. bought a new stake in Wells Fargo in the second quarter worth about $1,010,000. Nations Financial Group Inc. IA ADV raised its position in Wells Fargo by 21.4% in the second quarter. Nations Financial Group Inc. IA ADV now owns 5,483 shares of the financial services provider’s stock worth $304,000 after acquiring an additional 968 shares in the last quarter. Regal Investment Advisors LLC raised its position in Wells Fargo by 567.0% in the second quarter. Regal Investment Advisors LLC now owns 44,181 shares of the financial services provider’s stock worth $2,448,000 after acquiring an additional 37,557 shares in the last quarter. Holowesko Partners Ltd. raised its position in Wells Fargo by 0.6% in the second quarter. Holowesko Partners Ltd. now owns 2,052,981 shares of the financial services provider’s stock worth $113,756,000 after acquiring an additional 13,000 shares in the last quarter. Finally, Dai Ichi Life Insurance Company Ltd raised its position in Wells Fargo by 9.6% in the second quarter. Dai Ichi Life Insurance Company Ltd now owns 477,780 shares of the financial services provider’s stock worth $26,474,000 after acquiring an additional 42,037 shares in the last quarter. Institutional investors and hedge funds own 77.33% of the company’s stock.
Shares of WFC opened at $50.89 on Monday. The stock has a market capitalization of $257,057.64, a P/E ratio of 12.38, a P/E/G ratio of 1.39 and a beta of 1.13. Wells Fargo has a 1-year low of $49.27 and a 1-year high of $66.31. 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 (NYSE:WFC) last released its earnings results on Friday, April 13th. The financial services provider reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.05. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The company had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $21.74 billion. During the same quarter in the previous year, the business posted $1.00 EPS. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. equities analysts forecast that Wells Fargo will post 4.69 EPS for the current year.
Wells Fargo declared that its board has authorized a stock buyback 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 reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other Wells Fargo news, Director Ronald Sargent bought 9,000 shares of the stock in a transaction on Monday, February 12th. The shares were bought at an average price of $55.98 per share, with a total value of $503,820.00. Following the purchase, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.09% of the company’s stock.
WFC has been the topic of several research reports. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Wells Fargo in a research report on Tuesday, January 16th. Vining Sparks reiterated a “buy” rating and issued a $75.00 price target on shares of Wells Fargo in a research report on Monday, January 8th. Sandler O’Neill upgraded shares of Wells Fargo 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. Buckingham Research upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Finally, Nomura dropped their price target on shares of Wells Fargo from $79.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $62.03.
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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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