Sigma Investment Management Co Invests $209,000 in Wells Fargo (WFC) Stock

Sigma Investment Management Co acquired a new stake in Wells Fargo (NYSE:WFC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,438 shares of the financial services provider’s stock, valued at approximately $209,000. Wells Fargo comprises about 0.2% of Sigma Investment Management Co’s portfolio, making the stock its 14th largest position.

A number of other hedge funds have also added to or reduced their stakes in the business. Summit Financial Strategies Inc. purchased a new stake in shares of Wells Fargo in the 4th quarter valued at approximately $209,000. Carret Asset Management LLC grew its stake in shares of Wells Fargo by 2.8% in the 3rd quarter. Carret Asset Management LLC now owns 53,814 shares of the financial services provider’s stock valued at $2,968,000 after buying an additional 1,446 shares during the period. Heritage Way Advisors LLC grew its stake in shares of Wells Fargo by 69.2% in the 4th quarter. Heritage Way Advisors LLC now owns 62,100 shares of the financial services provider’s stock valued at $3,768,000 after buying an additional 25,407 shares during the period. Western Standard LLC grew its stake in shares of Wells Fargo by 96.8% in the 3rd quarter. Western Standard LLC now owns 62,315 shares of the financial services provider’s stock valued at $3,437,000 after buying an additional 30,653 shares during the period. Finally, Personal Capital Advisors Corp grew its stake in shares of Wells Fargo by 5.0% in the 3rd quarter. Personal Capital Advisors Corp now owns 554,429 shares of the financial services provider’s stock valued at $30,577,000 after buying an additional 26,614 shares during the period. Institutional investors own 77.33% of the company’s stock.

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Shares of WFC stock opened at $53.26 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. Wells Fargo has a 52 week low of $49.27 and a 52 week high of $66.31. The company has a market capitalization of $254,033.44, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 1.37 and a beta of 1.13.

Wells Fargo (NYSE:WFC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. The business had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. During the same period in the prior year, the business earned $0.96 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. equities analysts forecast that Wells Fargo will post 4.69 EPS for the current fiscal year.

Wells Fargo declared that its Board of Directors has approved a stock buyback plan on Tuesday, January 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

In other Wells Fargo news, Director Ronald Sargent purchased 9,000 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was bought at an average price of $55.98 per share, with a total value of $503,820.00. Following the transaction, the director now directly owns 81 shares of the company’s stock, valued at approximately $4,534.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.09% of the company’s stock.

WFC has been the subject of several analyst reports. Vertical Group raised shares of Wells Fargo from a “sell” rating to a “buy” rating in a research note on Thursday, December 7th. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Wells Fargo in a research note on Tuesday, January 16th. Vining Sparks reissued a “buy” rating and issued a $75.00 price target on shares of Wells Fargo in a research note on Monday, January 8th. Sandler O’Neill raised shares of Wells Fargo from a “hold” rating to a “buy” rating and increased their price target for the company from $62.04 to $73.00 in a research note on Tuesday, January 9th. Finally, Buckingham Research raised shares of Wells Fargo from a “neutral” rating to a “buy” rating and increased their price target for the company from $57.00 to $75.00 in a research note on Thursday, December 21st. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Wells Fargo has an average rating of “Hold” and an average price target of $62.31.

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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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