Capital Wealth Planning LLC reduced its position in shares of Wells Fargo & Co (NYSE:WFC) by 34.9% in the 3rd quarter, Holdings Channel reports. The firm owned 13,395 shares of the financial services provider’s stock after selling 7,179 shares during the period. Capital Wealth Planning LLC’s holdings in Wells Fargo & Co were worth $739,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in WFC. Stelac Advisory Services LLC acquired a new stake in Wells Fargo & Co in the 2nd quarter valued at about $104,000. Patriot Financial Group Insurance Agency LLC increased its position in Wells Fargo & Co 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 valued at $106,000 after acquiring an additional 6 shares in the last quarter. Westside Investment Management Inc. increased its position in Wells Fargo & Co 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 acquiring an additional 891 shares in the last quarter. BKS Advisors LLC acquired a new stake in Wells Fargo & Co in the 3rd quarter valued at about $143,000. Finally, BDO Wealth Advisors LLC acquired a new stake in Wells Fargo & Co in the 2nd quarter valued at about $151,000. 76.00% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Co (WFC) opened at $59.55 on Thursday. The stock has a market cap of $293,240.00, a P/E ratio of 14.42, a P/E/G ratio of 1.48 and a beta of 1.01. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. Wells Fargo & Co has a 1-year low of $49.27 and a 1-year high of $66.31.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data 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 firm had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.96 EPS. equities analysts forecast that Wells Fargo & Co will post 4.72 EPS for the current year.

Wells Fargo & Co declared that its Board of Directors has authorized a share buyback plan on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Friday, February 2nd will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio is currently 37.77%.

In other news, Director Ronald Sargent acquired 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 completion of the acquisition, the director now owns 81 shares in the company, valued at $4,534.38. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael J. Loughlin sold 17,482 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $57.80, for a total transaction of $1,010,459.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,482 shares of company stock valued at $10,471,050. Corporate insiders own 0.22% of the company’s stock.

WFC has been the subject of several research reports. Vetr cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $52.91 price objective for the company. in a research report on Monday, October 23rd. Royal Bank of Canada restated a “buy” rating and issued a $60.00 price objective on shares of Wells Fargo & Co in a research report on Wednesday, November 15th. Vertical Group upgraded shares of Wells Fargo & Co from a “sell” rating to a “buy” rating in a research report on Thursday, December 7th. Zacks Investment Research upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, December 19th. Finally, Buckingham Research upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $76.34.

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Wells Fargo & Co Profile

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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