McKinley Carter Wealth Services Inc. reduced its stake in Wells Fargo (NYSE:WFC) by 45.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 5,245 shares of the financial services provider’s stock after selling 4,331 shares during the quarter. McKinley Carter Wealth Services Inc.’s holdings in Wells Fargo were worth $318,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in WFC. Patriot Financial Group Insurance Agency LLC increased its stake in Wells Fargo 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 worth $106,000 after buying an additional 6 shares during the period. Westside Investment Management Inc. increased its position in shares of 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 valued at $127,000 after purchasing an additional 891 shares during the last quarter. Cerebellum GP LLC purchased a new stake in shares of Wells Fargo in the 4th quarter valued at approximately $132,000. BKS Advisors LLC purchased a new stake in shares of Wells Fargo in the 3rd quarter valued at approximately $143,000. Finally, Saratoga Research & Investment Management purchased a new stake in shares of Wells Fargo in the 3rd quarter valued at approximately $178,000. 77.32% of the stock is currently owned by hedge funds and other institutional investors.
WFC has been the topic of a number of recent analyst reports. Vertical Group raised shares of Wells Fargo from a “sell” rating to a “buy” rating in a research report on Thursday, December 7th. Zacks Investment Research raised shares of Wells Fargo from a “sell” rating to a “hold” rating in a research report on Tuesday, December 19th. Buckingham Research raised shares of Wells Fargo from a “neutral” rating to a “buy” rating and increased 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. Barclays increased their price objective on shares of Wells Fargo from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Sanford C. Bernstein raised shares of Wells Fargo from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $64.00 to $69.00 in a research report on Wednesday, January 3rd. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $62.90.
WFC stock opened at $54.90 on Wednesday. The stock has a market cap of $272,666.44, a price-to-earnings ratio of 13.49, a PEG ratio of 1.46 and a beta of 1.08. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. Wells Fargo has a twelve month low of $49.27 and a twelve month high of $66.31.
Wells Fargo (NYSE:WFC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). The business had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. sell-side analysts expect that Wells Fargo will post 4.72 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Friday, February 2nd were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date was Thursday, February 1st. Wells Fargo’s dividend payout ratio is currently 38.33%.
Wells Fargo announced that its Board of Directors has authorized a share 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. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In other Wells Fargo news, Director Ronald Sargent purchased 9,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was purchased at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the purchase, the director now directly owns 81 shares in the company, valued at $4,534.38. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.22% of the stock is owned by corporate insiders.
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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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