X Square Capital LLC bought a new position in Wells Fargo (NYSE:WFC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,698 shares of the financial services provider’s stock, valued at approximately $285,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Wells Fargo by 1.2% during the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after purchasing an additional 3,621,402 shares during the last quarter. Capital World Investors raised its holdings in shares of Wells Fargo by 10.8% during the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after purchasing an additional 10,927,679 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Wells Fargo by 19.7% during the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after purchasing an additional 7,445,414 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Wells Fargo by 17.8% during the third quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock valued at $1,937,888,000 after purchasing an additional 5,305,125 shares during the last quarter. Finally, Davis Selected Advisers raised its holdings in shares of Wells Fargo by 1.4% during the third quarter. Davis Selected Advisers now owns 26,335,478 shares of the financial services provider’s stock valued at $1,451,064,000 after purchasing an additional 368,667 shares during the last quarter. Hedge funds and other institutional investors own 77.14% of the company’s stock.
Shares of NYSE WFC opened at $53.11 on Thursday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.88 and a quick ratio of 0.86. The firm has a market capitalization of $256,618.64, a PE ratio of 12.92, a PEG ratio of 1.43 and a beta of 1.13. Wells Fargo has a 1 year low of $49.27 and a 1 year high of $66.31.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Friday, May 4th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.94%. Wells Fargo’s dividend payout ratio (DPR) is presently 37.96%.
Wells Fargo announced that its Board of Directors has initiated a share buyback program on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several research analysts have recently weighed in on the stock. Vetr raised shares of Wells Fargo from a “sell” rating to a “hold” rating and set a $54.78 price objective for the company in a report on Monday, February 12th. UBS set a $63.00 price objective on shares of Wells Fargo and gave the company a “hold” rating in a report on Monday, February 5th. Keefe, Bruyette & Woods cut shares of Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 price objective for the company. in a report on Sunday, February 4th. BMO Capital Markets reissued a “hold” rating and set a $60.00 price objective on shares of Wells Fargo in a report on Monday, February 5th. Finally, Zacks Investment Research cut shares of Wells Fargo from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $61.80.
In other news, Director Ronald Sargent acquired 9,000 shares of Wells Fargo stock in a transaction dated Monday, February 12th. The stock was purchased at an average cost of $55.98 per share, with a total value of $503,820.00. Following the completion of the purchase, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.09% of the company’s stock.
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Wells Fargo Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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