Douglas Lane & Associates LLC Sells 1,418 Shares of Wells Fargo & Co (WFC)
Douglas Lane & Associates LLC reduced its stake in Wells Fargo & Co (NYSE:WFC) by 3.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,578 shares of the financial services provider’s stock after selling 1,418 shares during the period. Douglas Lane & Associates LLC’s holdings in Wells Fargo & Co were worth $2,523,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of Wells Fargo & Co by 0.3% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 6 shares in the last quarter. Westside Investment Management Inc. lifted its holdings in shares of Wells Fargo & Co by 63.9% during the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 891 shares in the last quarter. Cerebellum GP LLC bought a new position in shares of Wells Fargo & Co during the fourth quarter valued at $132,000. BKS Advisors LLC bought a new position in shares of Wells Fargo & Co during the third quarter valued at $143,000. Finally, BDO Wealth Advisors LLC bought a new position in shares of Wells Fargo & Co during the second quarter valued at $151,000. 76.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Wells Fargo & Co (NYSE:WFC) opened at $58.23 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. The company has a market capitalization of $294,370.00, a PE ratio of 16.13, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. Wells Fargo & Co has a 1 year low of $49.27 and a 1 year high of $66.31.
Wells Fargo & Co announced that its board has initiated a stock repurchase program on Tuesday, January 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Co’s payout ratio is 43.21%.
In related news, Director Ronald Sargent purchased 9,000 shares of Wells Fargo & Co stock in a transaction on Monday, February 12th. The stock was acquired 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 directly owns 81 shares in the company, valued at approximately $4,534.38. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.22% of the company’s stock.
A number of research analysts have recently issued reports on the company. Morgan Stanley downgraded Wells Fargo & Co from an “overweight” rating to an “underweight” rating and lowered their price target for the company from $75.00 to $64.00 in a report on Tuesday, February 6th. Atlantic Securities raised Wells Fargo & Co from an “underweight” rating to a “neutral” rating and set a $64.00 target price on the stock in a report on Wednesday, January 10th. Vetr downgraded Wells Fargo & Co from a “strong-buy” rating to a “sell” rating and set a $55.47 target price on the stock. in a report on Monday, January 8th. Buckingham Research raised Wells Fargo & Co from a “neutral” rating to a “buy” rating and increased their target price for the company from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Six research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $62.90.
About Wells Fargo & Co
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.
Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).
Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.