Berkeley Capital Partners LLC purchased a new stake in Wells Fargo & Co (NYSE:WFC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,789 shares of the financial services provider’s stock, valued at approximately $515,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in WFC. HC Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Co during the fourth quarter worth about $2,232,000. FIL Ltd lifted its position in shares of Wells Fargo & Co by 23.2% during the first quarter. FIL Ltd now owns 8,242,765 shares of the financial services provider’s stock worth $432,004,000 after purchasing an additional 1,551,283 shares in the last quarter. united american securities inc. d b a uas asset management acquired a new stake in Wells Fargo & Co in the first quarter valued at approximately $262,000. Fiduciary Group LLC raised its holdings in Wells Fargo & Co by 4.1% in the first quarter. Fiduciary Group LLC now owns 98,620 shares of the financial services provider’s stock valued at $5,169,000 after acquiring an additional 3,851 shares in the last quarter. Finally, Schafer Cullen Capital Management Inc. raised its holdings in Wells Fargo & Co by 1.0% in the first quarter. Schafer Cullen Capital Management Inc. now owns 2,487,984 shares of the financial services provider’s stock valued at $130,395,000 after acquiring an additional 25,523 shares in the last quarter. Institutional investors own 77.59% of the company’s stock.
WFC stock opened at $53.61 on Friday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.87. Wells Fargo & Co has a twelve month low of $50.02 and a twelve month high of $66.31. The company has a market cap of $257.01 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.12 and a beta of 1.15.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. The company had revenue of $21.94 billion for the quarter, compared to analyst estimates of $21.90 billion. As a group, analysts predict that Wells Fargo & Co will post 4.5 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Friday, November 9th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.72 dividend on an annualized basis and a yield of 3.21%. Wells Fargo & Co’s payout ratio is currently 41.85%.
Wells Fargo & Co declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 23rd that allows the company to buyback 350,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Several brokerages recently weighed in on WFC. Zacks Investment Research cut shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Macquarie cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. They noted that the move was a valuation call. Morgan Stanley reduced their target price on shares of Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating on the stock in a report on Monday, July 16th. Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and raised their target price for the company from $57.00 to $63.00 in a report on Sunday, July 15th. They noted that the move was a valuation call. Finally, Susquehanna Bancshares set a $63.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 13th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. Wells Fargo & Co currently has a consensus rating of “Buy” and an average target price of $63.79.
In other Wells Fargo & Co news, EVP Avid Modjtabai sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $58.71, for a total transaction of $5,871,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Hope A. Hardison sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The stock was sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the transaction, the executive vice president now owns 109 shares in the company, valued at $6,323.09. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.
About Wells Fargo & Co
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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