Allied Investment Advisors LLC purchased a new stake in Wells Fargo (NYSE:WFC) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 70,825 shares of the financial services provider’s stock, valued at approximately $4,297,000. Wells Fargo comprises approximately 3.6% of Allied Investment Advisors LLC’s holdings, making the stock its 13th largest position.
Other large investors have also made changes to their positions in the company. Carret Asset Management LLC raised its stake in Wells Fargo by 2.8% during the 3rd quarter. Carret Asset Management LLC now owns 53,814 shares of the financial services provider’s stock worth $2,968,000 after buying an additional 1,446 shares during the period. Western Standard LLC raised its stake in Wells Fargo by 96.8% during the 3rd quarter. Western Standard LLC now owns 62,315 shares of the financial services provider’s stock worth $3,437,000 after buying an additional 30,653 shares during the period. Personal Capital Advisors Corp raised its stake in Wells Fargo by 5.0% during the 3rd quarter. Personal Capital Advisors Corp now owns 554,429 shares of the financial services provider’s stock worth $30,577,000 after buying an additional 26,614 shares during the period. Heritage Way Advisors LLC raised its stake in Wells Fargo by 69.2% during the 4th quarter. Heritage Way Advisors LLC now owns 62,100 shares of the financial services provider’s stock worth $3,768,000 after buying an additional 25,407 shares during the period. Finally, Summit Financial Strategies Inc. acquired a new position in Wells Fargo during the 4th quarter worth approximately $209,000. 77.32% of the stock is currently owned by institutional investors.
A number of research firms recently weighed in on WFC. Vetr raised Wells Fargo from a “sell” rating to a “hold” rating and set a $54.78 price target on the stock in a research note on Monday, February 12th. UBS set a $63.00 price target on Wells Fargo and gave the stock a “hold” rating in a research note on Monday, February 5th. Vertical Group raised Wells Fargo from a “sell” rating to a “buy” rating in a research note on Thursday, December 7th. Keefe, Bruyette & Woods downgraded Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 price target on the stock. in a research note on Sunday, February 4th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 price target on shares of Wells Fargo in a research note on Monday, February 5th. Six investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $62.90.
Wells Fargo (NYSE:WFC) last released its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). The business had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. The business’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.96 earnings per share. analysts anticipate that Wells Fargo will post 4.72 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Thursday, February 1st. Wells Fargo’s dividend payout ratio is presently 38.33%.
Wells Fargo declared that its board has initiated a stock repurchase plan on Tuesday, January 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other Wells Fargo news, Director Ronald Sargent bought 9,000 shares of Wells Fargo stock in a transaction dated Monday, February 12th. The stock was bought at an average cost of $55.98 per share, with a total value of $503,820.00. Following the completion of the acquisition, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.22% of the company’s stock.
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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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