Girard Partners LTD. Raises Position in Wells Fargo & Co (WFC)

Girard Partners LTD. boosted its stake in Wells Fargo & Co (NYSE:WFC) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,941 shares of the financial services provider’s stock after buying an additional 1,022 shares during the quarter. Girard Partners LTD.’s holdings in Wells Fargo & Co were worth $2,782,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of WFC. Cedar Capital LLC raised its position in shares of Wells Fargo & Co by 13.3% during the 2nd quarter. Cedar Capital LLC now owns 7,383 shares of the financial services provider’s stock valued at $409,000 after buying an additional 867 shares during the period. Kessler Investment Group LLC raised its position in shares of Wells Fargo & Co by 2.3% during the 2nd quarter. Kessler Investment Group LLC now owns 38,680 shares of the financial services provider’s stock valued at $2,144,000 after buying an additional 875 shares during the period. Proficio Capital Partners LLC raised its position in shares of Wells Fargo & Co by 18.4% during the 2nd quarter. Proficio Capital Partners LLC now owns 5,699 shares of the financial services provider’s stock valued at $316,000 after buying an additional 886 shares during the period. GHP Investment Advisors Inc. raised its position in shares of Wells Fargo & Co by 2.9% during the 2nd quarter. GHP Investment Advisors Inc. now owns 31,775 shares of the financial services provider’s stock valued at $1,762,000 after buying an additional 886 shares during the period. Finally, Community Trust & Investment Co. raised its position in shares of Wells Fargo & Co by 13.1% during the 2nd quarter. Community Trust & Investment Co. now owns 7,723 shares of the financial services provider’s stock valued at $428,000 after buying an additional 894 shares during the period. 75.50% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Co stock opened at $51.83 on Friday. Wells Fargo & Co has a fifty-two week low of $50.02 and a fifty-two week high of $66.31. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.87 and a quick ratio of 0.86. The company has a market capitalization of $255.74 billion, a P/E ratio of 12.61, a P/E/G ratio of 1.05 and a beta of 1.01.

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 Thomson Reuters’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The company had revenue of $21.94 billion during the quarter, compared to analyst estimates of $21.90 billion. On average, sell-side analysts expect that Wells Fargo & Co will post 4.5 EPS for the current year.

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

The business also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Friday, November 9th will be issued a $0.43 dividend. The ex-dividend date is Thursday, November 8th. This represents a $1.72 annualized dividend and a yield of 3.32%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 41.85%.

Several analysts have recently commented on WFC shares. Zacks Investment Research lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. They noted that the move was a valuation call. Edward Jones raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Monday, September 17th. Wolfe Research started coverage on shares of Wells Fargo & Co in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. Finally, UBS Group set a $63.00 price target on shares of Wells Fargo & Co and gave the company a “buy” rating in a research report on Friday, September 28th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $63.79.

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About Wells Fargo & Co

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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