Sand Hill Global Advisors LLC Has $1.61 Million Holdings in Wells Fargo & Co (WFC)
Sand Hill Global Advisors LLC boosted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 45.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,123 shares of the financial services provider’s stock after acquiring an additional 9,089 shares during the quarter. Sand Hill Global Advisors LLC’s holdings in Wells Fargo & Co were worth $1,606,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Stelac Advisory Services LLC bought a new position in shares of Wells Fargo & Co during the second quarter valued at approximately $104,000. Patriot Financial Group Insurance Agency LLC grew its stake in shares of 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 during the last quarter. Westside Investment Management Inc. grew its stake in shares of 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 during the last quarter. BKS Advisors LLC bought a new position in shares of Wells Fargo & Co during the third quarter valued at approximately $143,000. Finally, BDO Wealth Advisors LLC bought a new position in shares of Wells Fargo & Co during the second quarter valued at approximately $151,000. 76.20% of the stock is currently owned by institutional investors.
In other Wells Fargo & Co news, insider Michael J. Loughlin sold 17,482 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $57.80, for a total transaction of $1,010,459.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Richard Levy sold 97,000 shares of the stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $56.47, for a total value of $5,477,590.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,482 shares of company stock valued at $10,471,050. 0.22% of the stock is owned by company insiders.
Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). The company had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. equities analysts forecast that Wells Fargo & Co will post 4.72 EPS for the current year.
Wells Fargo & Co announced that its Board of Directors has approved a stock repurchase plan on Tuesday, January 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd will be issued a dividend of $0.39 per share. The ex-dividend date is Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a yield of 2.78%. Wells Fargo & Co’s dividend payout ratio is currently 37.77%.
A number of research analysts have recently commented on the company. Vetr raised Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.78 target price on the stock in a research note on Monday. Morgan Stanley reaffirmed an “average” rating and set a $400.00 target price (up previously from $1.95) on shares of Wells Fargo & Co in a research note on Tuesday, February 6th. UBS Group set a $63.00 target price on Wells Fargo & Co and gave the company a “hold” rating in a research note on Monday, February 5th. Zacks Investment Research raised Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Saturday. Finally, Royal Bank of Canada cut Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $76.34.
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About Wells Fargo & Co
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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