46,912 Shares in Wells Fargo & Co (WFC) Acquired by Sawyer & Company Inc
Sawyer & Company Inc bought a new position in shares of Wells Fargo & Co (NYSE:WFC) during the 4th quarter, HoldingsChannel reports. The fund bought 46,912 shares of the financial services provider’s stock, valued at approximately $2,846,000. Wells Fargo & Co comprises approximately 1.9% of Sawyer & Company Inc’s portfolio, making the stock its 14th largest position.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Stelac Advisory Services LLC acquired a new position in Wells Fargo & Co during the second quarter worth $104,000. 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 worth $106,000 after buying an additional 6 shares during 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 worth $127,000 after buying an additional 891 shares during the last quarter. BKS Advisors LLC acquired a new position in Wells Fargo & Co during the third quarter worth $143,000. Finally, BDO Wealth Advisors LLC acquired a new position in Wells Fargo & Co during the second quarter worth $151,000. 75.69% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Ronald Sargent acquired 9,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was acquired at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the acquisition, the director now owns 81 shares of the company’s stock, valued at approximately $4,534.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Richard Levy sold 97,000 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $56.47, for a total transaction of $5,477,590.00. The disclosure for this sale can be found here. Insiders have sold 184,482 shares of company stock valued at $10,471,050 in the last 90 days. 0.22% of the stock is currently owned by corporate insiders.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The company had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. During the same quarter last year, the business posted $0.96 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. analysts forecast that Wells Fargo & Co will post 4.72 EPS for the current fiscal year.
Wells Fargo & Co announced that its board has initiated a share repurchase program on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Friday, February 2nd will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a yield of 2.61%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 45.22%.
WFC has been the topic of several research reports. Vetr downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $54.49 price objective on the stock. in a report on Thursday, November 2nd. Royal Bank of Canada restated a “buy” rating and set a $60.00 price objective on shares of Wells Fargo & Co in a report on Wednesday, November 15th. Vertical Group upgraded shares of Wells Fargo & Co from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. Zacks Investment Research upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Tuesday, December 19th. Finally, Buckingham Research upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Six research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $62.90.
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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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