Highstreet Asset Management Inc. Grows Stake in Wells Fargo (WFC)

Highstreet Asset Management Inc. increased its stake in shares of Wells Fargo (NYSE:WFC) by 76.9% in the 4th quarter, Holdings Channel reports. The firm owned 29,764 shares of the financial services provider’s stock after buying an additional 12,940 shares during the period. Highstreet Asset Management Inc.’s holdings in Wells Fargo were worth $1,806,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in WFC. Beach Investment Management LLC. bought a new stake in Wells Fargo during the second quarter valued at approximately $1,010,000. Cornerstone Advisory LLP grew its position in Wells Fargo by 9.7% during the second quarter. Cornerstone Advisory LLP now owns 15,639 shares of the financial services provider’s stock valued at $867,000 after buying an additional 1,386 shares during the period. Atwood & Palmer Inc. grew its position in Wells Fargo by 26.2% during the second quarter. Atwood & Palmer Inc. now owns 28,894 shares of the financial services provider’s stock valued at $1,601,000 after buying an additional 6,000 shares during the period. Micawber Capital LLC grew its position in Wells Fargo by 37.5% during the second quarter. Micawber Capital LLC now owns 18,051 shares of the financial services provider’s stock valued at $1,000,000 after buying an additional 4,923 shares during the period. Finally, Heartland Advisors Inc. grew its position in Wells Fargo by 3.9% during the second quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock valued at $15,102,000 after buying an additional 10,318 shares during the period. Institutional investors own 77.32% of the company’s stock.

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Several analysts recently issued reports on WFC shares. Morgan Stanley boosted their target price on shares of Wells Fargo from $72.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Sandler O’Neill upgraded shares of Wells Fargo from a “hold” rating to a “buy” rating and boosted their target price for the company from $62.04 to $73.00 in a research report on Tuesday, January 9th. JPMorgan Chase & Co. lowered shares of Wells Fargo from a “neutral” rating to an “underweight” rating in a research report on Monday, February 5th. Sanford C. Bernstein upgraded shares of Wells Fargo from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $64.00 to $69.00 in a research report on Wednesday, January 3rd. Finally, Vetr upgraded shares of Wells Fargo from a “strong sell” rating to a “sell” rating and set a $54.78 price target for the company in a research report on Monday, February 5th. Six investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company. Wells Fargo presently has an average rating of “Hold” and a consensus price target of $62.90.

WFC stock opened at $50.98 on Friday. 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 has a 12-month low of $49.27 and a 12-month high of $66.31. The firm has a market cap of $267,252.16, a price-to-earnings ratio of 12.53, a P/E/G ratio of 1.43 and a beta of 1.08.

Wells Fargo (NYSE:WFC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The company had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter in the prior year, the company posted $0.96 EPS. Wells Fargo’s revenue was up 2.2% compared to the same quarter last year. analysts expect that Wells Fargo will post 4.72 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Friday, February 2nd were given a dividend of $0.39 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.06%. Wells Fargo’s dividend payout ratio is 38.33%.

Wells Fargo announced that its board has initiated a share 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 typically an indication that the company’s leadership believes its shares are undervalued.

In related news, Director Ronald Sargent bought 9,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was purchased at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the transaction, the director now owns 81 shares in the company, valued at $4,534.38. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.22% of the stock is currently owned by corporate 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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Institutional Ownership by Quarter for Wells Fargo (NYSE:WFC)

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