Commerzbank Aktiengesellschaft FI decreased its position in shares of Wells Fargo & Co (NYSE:WFC) by 28.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 317,211 shares of the financial services provider’s stock after selling 128,275 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Wells Fargo & Co were worth $19,245,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC raised its holdings in 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 buying an additional 6 shares in the last quarter. Westside Investment Management Inc. raised its holdings in 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 buying an additional 891 shares in the last quarter. Cerebellum GP LLC bought a new position in Wells Fargo & Co during the fourth quarter valued at about $132,000. BKS Advisors LLC bought a new position in Wells Fargo & Co during the third quarter valued at about $143,000. Finally, BDO Wealth Advisors LLC bought a new position in Wells Fargo & Co during the second quarter valued at about $151,000. 77.39% of the stock is owned by hedge funds and other institutional investors.
Wells Fargo & Co (NYSE:WFC) opened at $58.02 on Tuesday. Wells Fargo & Co has a 12 month low of $49.27 and a 12 month high of $66.31. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. The stock has a market capitalization of $285,710.00, a PE ratio of 16.07, a P/E/G ratio of 1.52 and a beta of 1.08.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Co’s payout ratio is 43.21%.
Wells Fargo & Co announced that its board has authorized a share 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 purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
Several equities analysts have weighed in on WFC shares. Sandler O’Neill upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and raised their target price for the company from $62.04 to $73.00 in a report on Tuesday, January 9th. Zacks Investment Research upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Saturday, February 10th. Royal Bank of Canada lowered Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price objective on shares of Wells Fargo & Co in a research note on Monday, February 5th. Finally, Buckingham Research upgraded Wells Fargo & Co from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $57.00 to $75.00 in a research note on Thursday, December 21st. They noted that the move was a valuation call. Six investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $62.90.
In related news, Director Ronald Sargent acquired 9,000 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were bought at an average cost of $55.98 per share, with a total value of $503,820.00. Following the completion of the acquisition, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.22% of the stock is currently owned by insiders.
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Wells Fargo & Co 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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