Bridgeway Capital Management Inc. boosted its holdings in Wells Fargo & Co (NYSE:WFC) by 11.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 294,030 shares of the financial services provider’s stock after acquiring an additional 31,300 shares during the quarter. Bridgeway Capital Management Inc.’s holdings in Wells Fargo & Co were worth $15,454,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Sageworth Trust Co boosted its position in Wells Fargo & Co by 257.9% in the third quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock valued at $113,000 after buying an additional 1,550 shares in the last quarter. Landaas & Co. WI ADV acquired a new position in Wells Fargo & Co in the second quarter valued at about $117,000. Lee Financial Co boosted its position in Wells Fargo & Co by 433.4% in the third quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock valued at $132,000 after buying an additional 2,037 shares in the last quarter. Almanack Investment Partners LLC. acquired a new position in Wells Fargo & Co in the third quarter valued at about $141,000. Finally, Parkside Investments LLC acquired a new position in Wells Fargo & Co in the third quarter valued at about $174,000. 75.50% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE WFC opened at $54.28 on Monday. Wells Fargo & Co has a fifty-two week low of $50.02 and a fifty-two week high of $66.31. The company has a market capitalization of $264.76 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 1.08 and a beta of 1.01. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $21.94 billion during the quarter, compared to analyst estimates of $21.90 billion. Research analysts predict that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.
Wells Fargo & Co announced that its Board of Directors has approved a stock buyback plan on Tuesday, October 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, December 1st. Investors of record on Friday, November 9th were issued a $0.43 dividend. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.72 annualized dividend and a yield of 3.17%. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.
WFC has been the topic of a number of recent analyst reports. Edward Jones upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Monday, September 17th. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Tuesday, September 18th. Macquarie upgraded shares of Wells Fargo & Co from a “neutral” rating to an “outperform” rating in a research report on Monday, October 15th. Citigroup upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research report on Friday, November 2nd. Finally, ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company. Wells Fargo & Co currently has an average rating of “Buy” and an average price target of $63.79.
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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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