Wedgewood Investors Inc. PA Has $278,000 Stake in Wells Fargo & Company (NYSE:WFC)
Wedgewood Investors Inc. PA held its position in Wells Fargo & Company (NYSE:WFC) during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 4,985 shares of the financial services provider’s stock at the end of the first quarter. Wedgewood Investors Inc. PA’s holdings in Wells Fargo & were worth $278,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. Argyle Capital Management Inc. boosted its position in shares of Wells Fargo & by 0.5% in the first quarter. Argyle Capital Management Inc. now owns 62,858 shares of the financial services provider’s stock worth $3,499,000 after buying an additional 300 shares during the period. Smith Chas P & Associates PA Cpas boosted its position in shares of Wells Fargo & by 4.6% in the first quarter. Smith Chas P & Associates PA Cpas now owns 393,682 shares of the financial services provider’s stock worth $21,912,000 after buying an additional 17,176 shares during the period. Dillon & Associates Inc. bought a new position in shares of Wells Fargo & during the first quarter worth about $211,000. Palo Capital Inc. boosted its position in shares of Wells Fargo & by 60.0% in the first quarter. Palo Capital Inc. now owns 42,033 shares of the financial services provider’s stock worth $2,340,000 after buying an additional 15,756 shares during the period. Finally, Oakworth Capital Inc. boosted its position in shares of Wells Fargo & by 24.3% in the first quarter. Oakworth Capital Inc. now owns 20,329 shares of the financial services provider’s stock worth $1,131,000 after buying an additional 3,971 shares during the period. 75.97% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Wells Fargo & Company (NYSE WFC) traded down 1.1421% during trading on Friday, reaching $52.7901. 39,274,767 shares of the company traded hands. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99. The stock has a market capitalization of $262.20 billion, a PE ratio of 13.0025 and a beta of 0.95. The firm has a 50 day moving average of $54.49 and a 200 day moving average of $55.11.
Wells Fargo & (NYSE:WFC) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.23 billion. During the same period last year, the firm posted $1.01 earnings per share. The company’s revenue for the quarter was up .2% on a year-over-year basis. On average, equities analysts predict that Wells Fargo & Company will post $4.17 EPS for the current year.
Wells Fargo & announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be given a dividend of $0.39 per share. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 2.92%. The ex-dividend date is Wednesday, August 2nd. Wells Fargo &’s dividend payout ratio (DPR) is presently 38.42%.
WFC has been the topic of a number of recent research reports. Berenberg Bank cut Wells Fargo & from a “hold” rating to a “sell” rating and raised their price objective for the company from $35.00 to $45.00 in a research note on Friday, July 21st. Vining Sparks upgraded shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 target price for the company in a report on Thursday, April 27th. Evercore ISI reiterated an “outperform” rating and set a $64.00 target price on shares of Wells Fargo & in a report on Tuesday, April 18th. Keefe, Bruyette & Woods reiterated an “overweight” rating on shares of Wells Fargo & in a report on Thursday, July 13th. Finally, Piper Jaffray Companies upgraded shares of Wells Fargo & from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $54.84 to $55.00 in a report on Monday, April 10th. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Wells Fargo & has a consensus rating of “Hold” and a consensus target price of $55.87.
In related news, insider Michael J. Loughlin sold 20,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $52.16, for a total transaction of $1,043,200.00. Following the completion of the sale, the insider now directly owns 7 shares in the company, valued at $365.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mary T. Mack sold 38,988 shares of Wells Fargo & stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $52.58, for a total transaction of $2,049,989.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 131,278 shares of company stock valued at $6,940,120. 0.22% of the stock is owned by company insiders.
Wells Fargo & Company Profile
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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