Hanson McClain Inc. lifted its stake in shares of Wells Fargo (NYSE:WFC) by 52.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 33,574 shares of the financial services provider’s stock after purchasing an additional 11,592 shares during the quarter. Wells Fargo accounts for 0.2% of Hanson McClain Inc.’s holdings, making the stock its 23rd biggest holding. Hanson McClain Inc.’s holdings in Wells Fargo were worth $2,037,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Summit Financial Strategies Inc. acquired a new stake in shares of Wells Fargo during the 4th quarter worth $209,000. Carret Asset Management LLC grew 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 purchasing an additional 1,446 shares in the last quarter. Heritage Way Advisors LLC grew 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 purchasing an additional 25,407 shares in the last quarter. Western Standard LLC grew 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 purchasing an additional 30,653 shares in the last quarter. Finally, Burt Wealth Advisors grew its holdings in shares of Wells Fargo by 18.7% during the 4th quarter. Burt Wealth Advisors now owns 6,192 shares of the financial services provider’s stock worth $376,000 after purchasing an additional 977 shares in the last quarter. 76.79% of the stock is currently owned by institutional investors.
Wells Fargo stock opened at $54.22 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.27. The stock has a market capitalization of $267.06 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.48 and a beta of 1.13. Wells Fargo has a 12 month low of $54.54 and a 12 month high of $54.94.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 4th will be given a $0.39 dividend. The ex-dividend date is Thursday, May 3rd. This represents a $1.56 annualized dividend and a yield of 2.88%. Wells Fargo’s dividend payout ratio is presently 37.96%.
Wells Fargo declared that its board has approved a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
Several analysts have recently issued reports on the company. Keefe, Bruyette & Woods raised Wells Fargo to a “buy” rating in a report on Monday, April 30th. Morgan Stanley reduced their price objective on Wells Fargo from $60.00 to $57.00 and set an “underweight” rating on the stock in a research note on Monday, April 30th. Macquarie raised Wells Fargo from an “underperform” rating to an “outperform” rating in a research note on Monday, April 30th. Susquehanna Bancshares set a $58.00 price objective on Wells Fargo and gave the company a “hold” rating in a research note on Monday, April 23rd. Finally, Barclays reduced their price objective on Wells Fargo from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday, April 16th. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $61.83.
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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