Lynch & Associates IN lifted its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 2.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 123,665 shares of the financial services provider’s stock after acquiring an additional 2,740 shares during the period. Wells Fargo & Co makes up approximately 2.8% of Lynch & Associates IN’s investment portfolio, making the stock its 9th largest holding. Lynch & Associates IN’s holdings in Wells Fargo & Co were worth $7,503,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of WFC. Vantage Financial Partners Ltd. Inc. purchased a new stake in Wells Fargo & Co in the second quarter valued at approximately $1,095,000. Stelac Advisory Services LLC acquired a new position in Wells Fargo & Co in the second quarter valued at approximately $104,000. Patriot Financial Group Insurance Agency LLC lifted its holdings in Wells Fargo & Co by 0.3% in 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 acquiring an additional 6 shares during the period. Westside Investment Management Inc. lifted its holdings in Wells Fargo & Co by 63.9% in the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 891 shares during the period. Finally, BKS Advisors LLC acquired a new position in Wells Fargo & Co in the third quarter valued at approximately $143,000. Institutional investors and hedge funds own 76.00% of the company’s stock.
Wells Fargo & Co (NYSE:WFC) opened at $59.95 on Monday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. The firm has a market capitalization of $295,210.00, a P/E ratio of 17.38, a PEG ratio of 1.57 and a beta of 1.01. Wells Fargo & Co has a 52 week low of $49.27 and a 52 week high of $66.31.
Wells Fargo & Co announced that its Board of Directors has approved a stock buyback program on Tuesday, January 23rd that permits the company to buyback 350,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Friday, February 2nd will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Thursday, February 1st. Wells Fargo & Co’s payout ratio is 45.22%.
In related news, insider John R. Shrewsberry sold 70,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.90, for a total transaction of $3,983,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Richard Levy sold 97,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was 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. Insiders have sold 184,482 shares of company stock valued at $10,471,050 over the last quarter. 0.22% of the stock is owned by company insiders.
WFC has been the subject of a number of analyst reports. Sandler O’Neill raised Wells Fargo & Co from a “hold” rating to a “buy” rating and boosted their price target for the company from $62.04 to $73.00 in a report on Tuesday, January 9th. Morgan Stanley boosted their price target on Wells Fargo & Co from $72.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. JPMorgan Chase & Co. downgraded Wells Fargo & Co from a “neutral” rating to an “underweight” rating in a report on Monday, February 5th. Sanford C. Bernstein raised Wells Fargo & Co from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $64.00 to $69.00 in a report on Wednesday, January 3rd. Finally, Vertical Group raised Wells Fargo & Co from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. Six investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $62.90.
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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