Markel Corp boosted its stake in Wells Fargo & Co (NYSE:WFC) by 350.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 54,000 shares of the financial services provider’s stock after buying an additional 42,000 shares during the period. Markel Corp’s holdings in Wells Fargo & Co were worth $2,839,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Sageworth Trust Co lifted its holdings in shares of Wells Fargo & Co by 257.9% during the 3rd quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock worth $113,000 after acquiring an additional 1,550 shares during the period. Landaas & Co. WI ADV bought a new stake in shares of Wells Fargo & Co during the 2nd quarter worth approximately $117,000. Parkside Investments LLC bought a new stake in shares of Wells Fargo & Co during the 3rd quarter worth approximately $174,000. Cerebellum GP LLC bought a new stake in shares of Wells Fargo & Co during the 3rd quarter worth approximately $179,000. Finally, Diligent Investors LLC bought a new stake in shares of Wells Fargo & Co during the 2nd quarter worth approximately $200,000. Institutional investors and hedge funds own 77.50% of the company’s stock.
Shares of NYSE:WFC opened at $53.04 on Friday. The company has a market capitalization of $261.35 billion, a P/E ratio of 12.46, a P/E/G ratio of 1.07 and a beta of 1.01. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.26. Wells Fargo & Co has a one year low of $50.02 and a one year high of $66.31.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by ($0.04). The company had revenue of $21.94 billion during the quarter, compared to the consensus estimate of $21.90 billion. Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. On average, research analysts forecast that Wells Fargo & Co will post 4.5 earnings per share for the current fiscal year.
Wells Fargo & Co declared that its Board of Directors has initiated a stock buyback plan on Tuesday, October 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Friday, November 9th will be paid a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend is Thursday, November 8th. Wells Fargo & Co’s payout ratio is 41.85%.
In other Wells Fargo & Co news, EVP Avid Modjtabai sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $58.71, for a total value of $5,871,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Hope A. Hardison sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the transaction, the executive vice president now owns 109 shares of the company’s stock, valued at $6,323.09. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.
A number of analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Macquarie downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. They noted that the move was a valuation call. Morgan Stanley cut their price target on shares of Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating for the company in a report on Monday, July 16th. Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $57.00 to $63.00 in a report on Sunday, July 15th. They noted that the move was a valuation call. Finally, Susquehanna Bancshares set a $63.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 13th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. Wells Fargo & Co currently has an average rating of “Buy” and a consensus price target of $63.79.
Wells Fargo & Co 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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