Founders Financial Securities LLC purchased a new stake in shares of Wells Fargo & Co (NYSE:WFC) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 11,220 shares of the financial services provider’s stock, valued at approximately $681,000.
Other institutional investors have also added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC raised its holdings in Wells Fargo & Co by 0.3% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after acquiring an additional 6 shares during the period. Westside Investment Management Inc. raised its holdings in Wells Fargo & Co by 63.9% in the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after acquiring an additional 891 shares during the period. Cerebellum GP LLC bought a new position in Wells Fargo & Co in the 4th quarter worth $132,000. BKS Advisors LLC bought a new position in Wells Fargo & Co in the 3rd quarter worth $143,000. Finally, BDO Wealth Advisors LLC bought a new position in Wells Fargo & Co in the 2nd quarter worth $151,000. Institutional investors and hedge funds own 77.39% of the company’s stock.
Shares of Wells Fargo & Co (NYSE:WFC) opened at $58.02 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23. Wells Fargo & Co has a 12-month low of $49.27 and a 12-month high of $66.31. The firm has a market cap of $285,710.00, a PE ratio of 16.07, a PEG ratio of 1.52 and a beta of 1.08.
Wells Fargo & Co announced that its Board of Directors has authorized 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 generally an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.56 annualized dividend and a dividend yield of 2.69%. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 43.21%.
In other Wells Fargo & Co news, Director Ronald Sargent bought 9,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were acquired at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the transaction, the director now owns 81 shares in the company, valued at $4,534.38. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.22% of the stock is currently owned by insiders.
Several brokerages recently commented on WFC. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Vetr upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.78 target price on the stock in a report on Monday, February 12th. Morgan Stanley downgraded shares of Wells Fargo & Co from an “overweight” rating to an “underweight” rating and dropped their target price for the stock from $75.00 to $64.00 in a report on Tuesday, February 6th. UBS Group set a $63.00 target price on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday, February 5th. Finally, Vining Sparks reiterated a “buy” rating and issued a $68.50 target price on shares of Wells Fargo & Co in a report on Monday, February 5th. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $62.90.
About Wells Fargo & Co
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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