Middleton & Co Inc MA lessened its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 20.8% during the 4th quarter, Holdings Channel reports. The fund owned 34,814 shares of the financial services provider’s stock after selling 9,155 shares during the quarter. Middleton & Co Inc MA’s holdings in Wells Fargo & Co were worth $2,112,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Wells Fargo & Co during the 2nd quarter valued at $1,095,000. Patriot Financial Group Insurance Agency LLC raised its position in shares of Wells Fargo & Co by 0.3% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 6 shares during the period. Cerebellum GP LLC bought a new stake in shares of Wells Fargo & Co during the 4th quarter valued at $132,000. Westside Investment Management Inc. raised its position in shares of Wells Fargo & Co by 63.9% during the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 891 shares during the period. Finally, BKS Advisors LLC bought a new stake in shares of Wells Fargo & Co during the 3rd quarter valued at $143,000. Institutional investors and hedge funds own 76.20% of the company’s stock.
In other Wells Fargo & Co news, Director Ronald Sargent bought 9,000 shares of Wells Fargo & Co stock in a transaction dated Monday, February 12th. The shares were purchased at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the acquisition, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.22% of the company’s stock.
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). Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The business had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter last year, the firm earned $0.96 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. research analysts anticipate that Wells Fargo & Co will post 4.72 earnings per share for the current year.
Wells Fargo & Co announced that its board has authorized a share repurchase program on Tuesday, January 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.68%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 43.21%.
Several analysts have recently commented on the stock. Morgan Stanley downgraded shares of Wells Fargo & Co from an “overweight” rating to an “underweight” rating and decreased their price objective for the company from $75.00 to $64.00 in a research report on Tuesday, February 6th. Atlantic Securities upgraded shares of Wells Fargo & Co from an “underweight” rating to a “neutral” rating and set a $64.00 price objective on the stock in a research report on Wednesday, January 10th. Vetr downgraded shares of Wells Fargo & Co from a “strong-buy” rating to a “sell” rating and set a $55.47 price objective on the stock. in a research report on Monday, January 8th. Buckingham Research upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating and raised their price objective for the company from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target 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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