Wells Fargo & Co (WFC) Stake Increased by OLD Point Trust & Financial Services N A

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OLD Point Trust & Financial Services N A grew its position in Wells Fargo & Co (NYSE:WFC) by 33.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 19,057 shares of the financial services provider’s stock after acquiring an additional 4,821 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Wells Fargo & Co were worth $999,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Landaas & Co. WI ADV purchased a new position in shares of Wells Fargo & Co in the 2nd quarter valued at approximately $117,000. Parkside Investments LLC purchased a new position in shares of Wells Fargo & Co in the 3rd quarter valued at approximately $174,000. Cerebellum GP LLC purchased a new position in shares of Wells Fargo & Co in the 3rd quarter valued at approximately $179,000. Diligent Investors LLC purchased a new position in shares of Wells Fargo & Co in the 2nd quarter valued at approximately $200,000. Finally, Day & Ennis LLC purchased a new position in shares of Wells Fargo & Co in the 2nd quarter valued at approximately $202,000. Institutional investors and hedge funds own 77.59% of the company’s stock.

WFC opened at $52.23 on Tuesday. Wells Fargo & Co has a 12-month low of $50.02 and a 12-month high of $66.31. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.26. The company has a market cap of $249.98 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.09 and a beta of 1.15.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.04). The firm had revenue of $21.94 billion for the quarter, compared to analysts’ expectations of $21.90 billion. Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. Analysts expect that Wells Fargo & Co will post 4.5 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Friday, November 9th will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.85%.

Wells Fargo & Co declared that its board has authorized a stock repurchase plan on Tuesday, October 23rd that permits the company to buyback 350,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Several equities analysts recently commented on the stock. ValuEngine raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. BMO Capital Markets increased their price objective on shares of Wells Fargo & Co to $65.00 and gave the company a “market perform” rating in a research report on Monday, October 15th. Nomura decreased their price objective on shares of Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Monday, October 15th. Macquarie raised shares of Wells Fargo & Co from a “neutral” rating to an “outperform” rating in a research report on Monday, October 15th. Finally, UBS Group set a $63.00 price objective on shares of Wells Fargo & Co and gave the company a “buy” rating in a research report on Friday, September 28th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $63.79.

In other news, EVP Hope A. Hardison sold 25,000 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the transaction, the executive vice president now directly owns 109 shares of the company’s stock, valued at approximately $6,323.09. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Avid Modjtabai sold 100,000 shares of Wells Fargo & Co stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is owned by insiders.

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

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