Parkside Investments LLC bought a new stake in shares of Wells Fargo (NYSE:WFC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,316 shares of the financial services provider’s stock, valued at approximately $201,000.
Other large investors have also recently added to or reduced their stakes in the company. Summit Financial Strategies Inc. acquired a new stake in Wells Fargo during the 4th quarter valued at approximately $209,000. Carret Asset Management LLC boosted its holdings in shares of 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 in the last quarter. Heritage Way Advisors LLC boosted its holdings in shares of 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 in the last quarter. Western Standard LLC boosted its holdings in shares of 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 in the last quarter. Finally, Personal Capital Advisors Corp boosted its holdings in shares of 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 in the last quarter. 77.33% of the stock is owned by institutional investors and hedge funds.
Shares of WFC opened at $53.26 on Friday. 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 has a 12-month low of $49.27 and a 12-month high of $66.31. The firm has a market capitalization of $254,033.44, a P/E ratio of 12.96, a PEG ratio of 1.37 and a beta of 1.13.
Wells Fargo declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes 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 management believes its shares are undervalued.
In related news, Director Ronald Sargent acquired 9,000 shares of the company’s stock in a transaction on 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 purchase, the director now owns 81 shares in the company, valued at $4,534.38. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.09% of the stock is currently owned by company insiders.
A number of equities analysts have issued reports on WFC shares. Morgan Stanley increased their price target on Wells Fargo from $72.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Sandler O’Neill upgraded Wells Fargo from a “hold” rating to a “buy” rating and increased their price target for the stock from $62.04 to $73.00 in a report on Tuesday, January 9th. JPMorgan Chase cut Wells Fargo from a “neutral” rating to an “underweight” rating in a report on Monday, February 5th. Sanford C. Bernstein upgraded Wells Fargo from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $64.00 to $69.00 in a report on Wednesday, January 3rd. Finally, Vetr upgraded Wells Fargo from a “strong sell” rating to a “sell” rating and set a $54.78 price target on the stock in a report on Monday, February 5th. Six investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock currently 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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