Usca Ria LLC increased its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 69.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 155,131 shares of the financial services provider’s stock after purchasing an additional 63,597 shares during the period. Wells Fargo & Co makes up approximately 0.8% of Usca Ria LLC’s holdings, making the stock its 27th largest position. Usca Ria LLC’s holdings in Wells Fargo & Co were worth $8,154,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of WFC. Rothschild Asset Management Inc. increased its stake in Wells Fargo & Co by 1.0% during the second quarter. Rothschild Asset Management Inc. now owns 589,885 shares of the financial services provider’s stock valued at $32,703,000 after acquiring an additional 5,584 shares during the period. Commonwealth Bank of Australia increased its stake in Wells Fargo & Co by 15.3% during the second quarter. Commonwealth Bank of Australia now owns 748,401 shares of the financial services provider’s stock valued at $41,434,000 after acquiring an additional 99,137 shares during the period. Berkshire Asset Management LLC PA increased its stake in Wells Fargo & Co by 3.3% during the third quarter. Berkshire Asset Management LLC PA now owns 507,054 shares of the financial services provider’s stock valued at $26,651,000 after acquiring an additional 16,315 shares during the period. R. G. Niederhoffer Capital Management Inc. bought a new position in Wells Fargo & Co during the second quarter valued at about $1,308,000. Finally, Colony Group LLC increased its stake in Wells Fargo & Co by 76.3% during the second quarter. Colony Group LLC now owns 54,576 shares of the financial services provider’s stock valued at $3,026,000 after acquiring an additional 23,621 shares during the period. 77.50% of the stock is owned by institutional investors and hedge funds.
WFC stock opened at $53.04 on Friday. Wells Fargo & Co has a 1-year low of $50.02 and a 1-year high of $66.31. The company has a market capitalization of $261.35 billion, a PE ratio of 12.46, a P/E/G ratio of 1.07 and a beta of 1.01. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.87.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The company had revenue of $21.94 billion during the quarter, compared to the consensus estimate of $21.90 billion. Analysts forecast that Wells Fargo & Co will post 4.5 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Friday, November 9th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.72 dividend on an annualized basis and a yield of 3.24%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 41.85%.
Wells Fargo & Co declared that its board has authorized a share buyback plan on Tuesday, October 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
WFC has been the topic of several research reports. UBS Group set a $63.00 price target on Wells Fargo & Co and gave the company a “buy” rating in a research note on Friday, September 28th. Edward Jones upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Zacks Investment Research upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Thursday, July 19th. Nomura lowered their price objective on Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating on the stock in a research note on Monday, October 15th. Finally, Citigroup upgraded Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday, November 2nd. Three analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $63.79.
In other Wells Fargo & Co news, EVP Avid Modjtabai sold 100,000 shares of the company’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Hope A. Hardison sold 25,000 shares of the company’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $58.01, for a total value of $1,450,250.00. Following the transaction, the executive vice president now directly owns 109 shares in the company, valued at approximately $6,323.09. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.
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Wells Fargo & Co 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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