FCG Advisors LLC Acquires 4,885 Shares of Wells Fargo & Co (WFC)

FCG Advisors LLC lifted its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 89.6% in the third quarter, Holdings Channel reports. The institutional investor owned 10,337 shares of the financial services provider’s stock after purchasing an additional 4,885 shares during the quarter. FCG Advisors LLC’s holdings in Wells Fargo & Co were worth $543,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in WFC. Sanders Capital LLC bought a new stake in shares of Wells Fargo & Co during the 2nd quarter valued at about $952,809,000. Charles Schwab Investment Advisory Inc. bought a new stake in shares of Wells Fargo & Co during the 2nd quarter valued at about $321,220,000. American Century Companies Inc. grew its position in shares of Wells Fargo & Co by 29.9% during the 2nd quarter. American Century Companies Inc. now owns 10,583,847 shares of the financial services provider’s stock valued at $586,768,000 after buying an additional 2,436,521 shares during the last quarter. Boston Partners grew its position in shares of Wells Fargo & Co by 12.6% during the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock valued at $1,176,604,000 after buying an additional 2,372,583 shares during the last quarter. Finally, Royal London Asset Management Ltd. bought a new stake in shares of Wells Fargo & Co during the 2nd quarter valued at about $118,780,000. 77.50% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:WFC opened at $53.16 on Friday. The company has a market capitalization of $261.20 billion, a PE ratio of 12.93, a P/E/G ratio of 1.07 and a beta of 1.01. Wells Fargo & Co has a twelve month low of $50.02 and a twelve 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.

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

Wells Fargo & Co announced that its board has approved a share repurchase program on Tuesday, October 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Friday, November 9th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date of this dividend is Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.

In related news, EVP Avid Modjtabai sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $58.71, for a total value of $5,871,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Hope A. Hardison sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, August 13th. The stock was sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the sale, the executive vice president now owns 109 shares in the company, valued at $6,323.09. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.

WFC has been the subject of a number of analyst reports. Zacks Investment Research lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Macquarie raised shares of Wells Fargo & Co from a “neutral” rating to an “outperform” rating in a research note on Monday, October 15th. ValuEngine lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. Morgan Stanley reduced their target price on shares of Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating for the company in a research note on Monday, July 16th. Finally, Citigroup raised shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday, November 2nd. Three analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the stock. Wells Fargo & Co has an average rating of “Buy” and an average target price of $63.79.

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

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