True North Advisors LLC Takes $2.95 Million Position in Wells Fargo & Company (NYSE:WFC)

True North Advisors LLC acquired a new stake in Wells Fargo & Company (NYSE:WFC) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 61,535 shares of the financial services provider’s stock, valued at approximately $2,952,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in WFC. Level Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $25,000. MD Financial Management Inc. grew its holdings in shares of Wells Fargo & Company by 98.2% in the 3rd quarter. MD Financial Management Inc. now owns 654 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 324 shares in the last quarter. Addison Advisors LLC grew its holdings in shares of Wells Fargo & Company by 141.0% in the 4th quarter. Addison Advisors LLC now owns 629 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 368 shares in the last quarter. Pinnacle Holdings LLC bought a new position in shares of Wells Fargo & Company in the 3rd quarter valued at about $34,000. Finally, Bell Investment Advisors Inc bought a new position in shares of Wells Fargo & Company in the 3rd quarter valued at about $37,000. Institutional investors own 74.01% of the company’s stock.

WFC traded down $0.33 during trading on Friday, hitting $41.67. 35,410,447 shares of the stock traded hands, compared to its average volume of 24,612,690. Wells Fargo & Company has a twelve month low of $40.74 and a twelve month high of $60.30. The company has a market cap of $157.94 billion, a price-to-earnings ratio of 8.66, a PEG ratio of 0.99 and a beta of 1.14. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.80 and a quick ratio of 0.79. The business has a 50 day moving average price of $47.13 and a 200 day moving average price of $50.32.

Wells Fargo & Company (NYSE:WFCGet Rating) last announced its quarterly earnings data on Thursday, April 14th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.81 by $0.07. Wells Fargo & Company had a net margin of 25.35% and a return on equity of 12.20%. The business had revenue of $17.59 billion during the quarter, compared to the consensus estimate of $17.82 billion. During the same period in the previous year, the business earned $1.05 earnings per share. The company’s revenue was down 5.2% on a year-over-year basis. On average, equities research analysts predict that Wells Fargo & Company will post 4.14 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 1st. Stockholders of record on Friday, May 6th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, May 5th. This represents a $1.00 annualized dividend and a dividend yield of 2.40%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 20.79%.

In other news, EVP Kleber Santos sold 22,700 shares of the company’s stock in a transaction on Tuesday, May 3rd. The shares were sold at an average price of $44.44, for a total transaction of $1,008,788.00. Following the completion of the transaction, the executive vice president now directly owns 21,478 shares in the company, valued at $954,482.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.05% of the stock is currently owned by corporate insiders.

WFC has been the subject of a number of research analyst reports. StockNews.com initiated coverage on Wells Fargo & Company in a report on Thursday, March 31st. They set a “hold” rating for the company. Morgan Stanley reduced their price target on Wells Fargo & Company from $72.00 to $66.00 and set an “overweight” rating for the company in a report on Monday, March 28th. Raymond James reduced their price objective on Wells Fargo & Company from $65.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, April 18th. Citigroup upgraded Wells Fargo & Company from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $58.00 to $56.00 in a report on Monday, April 11th. Finally, JPMorgan Chase & Co. boosted their price objective on Wells Fargo & Company from $57.00 to $58.50 in a report on Thursday, February 3rd. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $59.08.

About Wells Fargo & Company (Get Rating)

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

Further Reading

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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