First Fiduciary Investment Counsel Inc. Has $23.97 Million Stake in Wells Fargo & Co (WFC)

First Fiduciary Investment Counsel Inc. grew its holdings in Wells Fargo & Co (NYSE:WFC) by 2.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 434,564 shares of the financial services provider’s stock after purchasing an additional 12,235 shares during the quarter. Wells Fargo & Co comprises 4.4% of First Fiduciary Investment Counsel Inc.’s portfolio, making the stock its 4th biggest holding. First Fiduciary Investment Counsel Inc.’s holdings in Wells Fargo & Co were worth $23,966,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of WFC. Stelac Advisory Services LLC bought a new position in Wells Fargo & Co in the second quarter worth $104,000. Patriot Financial Group Insurance Agency LLC lifted its position in Wells Fargo & Co by 0.3% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 6 shares during the period. Westside Investment Management Inc. lifted its position in Wells Fargo & Co by 63.9% in the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 891 shares during the period. BKS Advisors LLC bought a new position in Wells Fargo & Co in the third quarter worth $143,000. Finally, BDO Wealth Advisors LLC bought a new position in Wells Fargo & Co in the second quarter worth $151,000. 76.00% of the stock is owned by institutional investors.

Shares of Wells Fargo & Co (NYSE:WFC) opened at $59.95 on Friday. Wells Fargo & Co has a 12 month low of $49.27 and a 12 month high of $66.31. The firm has a market capitalization of $295,210.00, a price-to-earnings ratio of 17.38, a PEG ratio of 1.57 and a beta of 1.01. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23.

Wells Fargo & Co (NYSE:WFC) last announced its 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). Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The business had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. During the same quarter last year, the business posted $0.96 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. sell-side analysts predict that Wells Fargo & Co will post 4.72 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be paid a $0.39 dividend. The ex-dividend date is Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.60%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 45.22%.

Wells Fargo & Co announced that its Board of Directors has approved 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. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Several brokerages recently commented on WFC. Morgan Stanley raised their target price on Wells Fargo & Co from $72.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods cut Wells Fargo & Co from an “outperform” rating to a “market perform” rating and set a $63.00 target price for the company. in a research report on Sunday, February 4th. Nomura cut their price objective on Wells Fargo & Co from $79.00 to $76.00 and set a “buy” rating for the company in a report on Monday, February 5th. BMO Capital Markets reissued a “hold” rating and set a $60.00 price objective on shares of Wells Fargo & Co in a report on Monday, February 5th. Finally, Citigroup cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a report on Monday, February 5th. Six research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $62.90.

In other news, VP Richard Levy sold 97,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total value of $5,477,590.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John R. Shrewsberry sold 70,000 shares of Wells Fargo & Co stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 184,482 shares of company stock valued at $10,471,050. 0.22% of the stock is currently owned by corporate insiders.

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About Wells Fargo & Co

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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