CFO4Life Group LLC raised its stake in Wells Fargo & Co (NYSE:WFC) by 380.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 66,567 shares of the financial services provider’s stock after purchasing an additional 52,718 shares during the quarter. CFO4Life Group LLC’s holdings in Wells Fargo & Co were worth $369,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Coyle Financial Counsel LLC acquired a new position in Wells Fargo & Co during the first quarter worth $101,000. Delpha Capital Management LLC acquired a new position in Wells Fargo & Co during the fourth quarter worth $103,000. Lipe & Dalton acquired a new position in Wells Fargo & Co during the fourth quarter worth $164,000. Turim 21 Investimentos Ltda. acquired a new position in Wells Fargo & Co during the first quarter worth $177,000. Finally, Stelac Advisory Services LLC raised its holdings in Wells Fargo & Co by 99.3% during the first quarter. Stelac Advisory Services LLC now owns 3,581 shares of the financial services provider’s stock worth $188,000 after purchasing an additional 1,784 shares during the last quarter. Institutional investors own 75.87% of the company’s stock.
In other news, EVP Avid Modjtabai sold 100,000 shares of the business’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $58.71, for a total value of $5,871,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Petros G. Pelos sold 25,567 shares of the business’s stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $54.76, for a total value of $1,400,048.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 150,567 shares of company stock valued at $8,721,299. Insiders own 0.09% of the company’s stock.
WFC has been the subject of several research reports. Keefe, Bruyette & Woods raised Wells Fargo & Co to a “buy” rating in a report on Monday, April 30th. Morgan Stanley raised Wells Fargo & Co from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $57.00 to $62.00 in a report on Monday, July 2nd. Zacks Investment Research cut Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Macquarie raised Wells Fargo & Co from an “underperform” rating to an “outperform” rating in a report on Monday, April 30th. Finally, Susquehanna Bancshares set a $63.00 price objective on Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the company. Wells Fargo & Co presently has an average rating of “Buy” and a consensus price target of $63.34.
NYSE WFC opened at $58.96 on Wednesday. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $66.31. The firm has a market capitalization of $287.10 billion, a PE ratio of 14.35, a P/E/G ratio of 1.59 and a beta of 1.13. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.22.
The business also recently declared a quarterly dividend, which will be paid on Saturday, September 1st. Stockholders of record on Friday, August 10th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.92%. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.39. The ex-dividend date is Thursday, August 9th. Wells Fargo & Co’s payout ratio is 41.85%.
Wells Fargo & Co 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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