Blume Capital Management Inc. decreased its position in Wells Fargo & Co (NYSE:WFC) by 1.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 120,855 shares of the financial services provider’s stock after selling 2,380 shares during the quarter. Wells Fargo & Co accounts for approximately 3.3% of Blume Capital Management Inc.’s holdings, making the stock its 11th largest position. Blume Capital Management Inc.’s holdings in Wells Fargo & Co were worth $6,352,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sageworth Trust Co raised its stake in Wells Fargo & Co by 257.9% during the 3rd quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock valued at $113,000 after acquiring an additional 1,550 shares in the last quarter. Landaas & Co. WI ADV bought a new stake in Wells Fargo & Co during the 2nd quarter valued at $117,000. Parkside Investments LLC bought a new stake in Wells Fargo & Co during the 3rd quarter valued at $174,000. Cerebellum GP LLC bought a new stake in Wells Fargo & Co during the 3rd quarter valued at $179,000. Finally, Diligent Investors LLC bought a new stake in shares of Wells Fargo & Co in the 2nd quarter worth $200,000. 73.02% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently commented on WFC. UBS Group set a $63.00 price objective on Wells Fargo & Co and gave the stock a “buy” rating in a research note on Friday, September 28th. BMO Capital Markets lifted their target price on Wells Fargo & Co to $65.00 and gave the stock a “market perform” rating in a report on Monday, October 15th. Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. They noted that the move was a valuation call. ValuEngine cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Friday, September 28th. Finally, Wolfe Research started coverage on Wells Fargo & Co in a report on Tuesday, September 25th. They set an “outperform” rating on the stock. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $63.79.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The firm had revenue of $21.94 billion for the quarter, compared to the consensus estimate of $21.90 billion. As a group, equities research analysts forecast that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, December 1st. Stockholders of record on Friday, November 9th were paid a $0.43 dividend. The ex-dividend date was Thursday, November 8th. This represents a $1.72 annualized dividend and a dividend yield of 3.17%. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.
Wells Fargo & Co announced that its board has approved a share buyback program on Tuesday, October 23rd that allows the company to buyback 350,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
About Wells Fargo & Co
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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