Foster Dykema Cabot & Co. Inc. MA trimmed its holdings in shares of Wells Fargo (NYSE:WFC) by 79.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 28,763 shares of the financial services provider’s stock after selling 114,037 shares during the period. Foster Dykema Cabot & Co. Inc. MA’s holdings in Wells Fargo were worth $1,745,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Wells Fargo during the 2nd quarter valued at $1,095,000. Patriot Financial Group Insurance Agency LLC boosted its holdings in Wells Fargo by 0.3% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after buying an additional 6 shares during the period. Cerebellum GP LLC bought a new position in Wells Fargo in the 4th quarter worth $132,000. Westside Investment Management Inc. boosted its holdings in Wells Fargo by 63.9% in the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after buying an additional 891 shares during the period. Finally, BKS Advisors LLC bought a new position in Wells Fargo in the 3rd quarter worth $143,000. Hedge funds and other institutional investors own 77.33% of the company’s stock.
Shares of NYSE WFC traded up $0.77 during midday trading on Thursday, reaching $52.70. The company had a trading volume of 19,963,953 shares, compared to its average volume of 22,708,033. The stock has a market cap of $256,667.41, a P/E ratio of 12.82, a P/E/G ratio of 1.38 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 has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23.
Wells Fargo (NYSE:WFC) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). The company had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.96 EPS. sell-side analysts forecast that Wells Fargo will post 4.69 earnings per share for the current year.
Wells Fargo declared that its Board of Directors has initiated a stock buyback program on Tuesday, January 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In other Wells Fargo news, Director Ronald Sargent bought 9,000 shares of Wells Fargo stock in a transaction that occurred on Monday, February 12th. The stock was purchased at an average price of $55.98 per share, with a total value of $503,820.00. Following the completion of the acquisition, the director now directly owns 81 shares in the company, valued at approximately $4,534.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.09% of the company’s stock.
WFC has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of Wells Fargo from a “hold” rating to a “sell” rating in a report on Monday. Sandler O’Neill upgraded shares of Wells Fargo from a “hold” rating to a “buy” rating and boosted their price target for the stock from $62.04 to $73.00 in a research note on Tuesday, January 9th. Royal Bank of Canada cut shares of Wells Fargo from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. BMO Capital Markets restated a “hold” rating and set a $60.00 target price on shares of Wells Fargo in a research report on Monday, February 5th. Finally, Buckingham Research upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and upped their target price 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. Seven equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $62.31.
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Wells Fargo Company 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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