Guardian Capital Advisors LP increased its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 2.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 192,954 shares of the financial services provider’s stock after purchasing an additional 4,425 shares during the period. Wells Fargo & Co comprises 1.5% of Guardian Capital Advisors LP’s holdings, making the stock its 17th largest holding. Guardian Capital Advisors LP’s holdings in Wells Fargo & Co were worth $10,597,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Smithfield Trust Co. grew its stake in Wells Fargo & Co by 2.1% during the 2nd quarter. Smithfield Trust Co. now owns 41,621 shares of the financial services provider’s stock valued at $2,306,000 after purchasing an additional 837 shares during the last quarter. Perennial Advisors LLC lifted its holdings in shares of Wells Fargo & Co by 4.9% in the 2nd quarter. Perennial Advisors LLC now owns 24,902 shares of the financial services provider’s stock valued at $1,380,000 after buying an additional 1,159 shares during the period. First Bank & Trust lifted its holdings in shares of Wells Fargo & Co by 0.6% in the 2nd quarter. First Bank & Trust now owns 20,530 shares of the financial services provider’s stock valued at $1,138,000 after buying an additional 120 shares during the period. Palladium Partners LLC lifted its holdings in shares of Wells Fargo & Co by 1.3% in the 2nd quarter. Palladium Partners LLC now owns 368,829 shares of the financial services provider’s stock valued at $20,437,000 after buying an additional 4,846 shares during the period. Finally, Novare Capital Management LLC lifted its holdings in shares of Wells Fargo & Co by 2.9% in the 2nd quarter. Novare Capital Management LLC now owns 95,146 shares of the financial services provider’s stock valued at $5,272,000 after buying an additional 2,687 shares during the period. Hedge funds and other institutional investors own 76.00% of the company’s stock.
In other news, Director Ronald Sargent acquired 9,000 shares of the business’s stock in a transaction on Monday, February 12th. The stock was bought 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Richard Levy sold 97,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total value of $5,477,590.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,482 shares of company stock valued at $10,471,050. 0.22% of the stock is owned by company insiders.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data 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 & Co had a return on equity of 12.24% and a net margin of 22.57%. The firm had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. During the same quarter last year, the firm posted $0.96 earnings per share. Wells Fargo & Co’s quarterly revenue was up 2.2% on a year-over-year basis. analysts forecast that Wells Fargo & Co will post 4.72 earnings per share for the current fiscal year.
Wells Fargo & Co announced that its board has approved a stock buyback program on Tuesday, January 23rd that permits the company to buyback 350,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $1.56 annualized dividend and a yield of 2.62%. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 37.77%.
Several brokerages have recently issued reports on WFC. Morgan Stanley reissued an “average” rating and issued a $400.00 price objective (up previously from $1.95) on shares of Wells Fargo & Co in a report on Tuesday, February 6th. Zacks Investment Research cut Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Tuesday. UBS Group set a $63.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a report on Monday, February 5th. Vetr raised Wells Fargo & Co from a “strong sell” rating to a “sell” rating and set a $54.78 price objective for the company in a report on Monday, February 5th. Finally, Royal Bank of Canada cut Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a report on Monday, February 5th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $76.34.
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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.
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