Wells Fargo & Co (WFC) Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. trimmed its holdings in Wells Fargo & Co (NYSE:WFC) by 8.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 245,225 shares of the financial services provider’s stock after selling 23,274 shares during the period. Wesbanco Bank Inc.’s holdings in Wells Fargo & Co were worth $12,889,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Shoker Investment Counsel Inc. lifted its position in shares of Wells Fargo & Co by 11.4% in the third quarter. Shoker Investment Counsel Inc. now owns 12,272 shares of the financial services provider’s stock worth $645,000 after buying an additional 1,254 shares in the last quarter. American International Group Inc. lifted its position in shares of Wells Fargo & Co by 6.1% in the third quarter. American International Group Inc. now owns 1,491,000 shares of the financial services provider’s stock worth $78,367,000 after buying an additional 85,832 shares in the last quarter. Dynasty Wealth Management LLC purchased a new stake in shares of Wells Fargo & Co in the third quarter worth about $428,000. Massmutual Trust Co. FSB ADV lifted its position in shares of Wells Fargo & Co by 2.8% in the third quarter. Massmutual Trust Co. FSB ADV now owns 38,520 shares of the financial services provider’s stock worth $2,025,000 after buying an additional 1,037 shares in the last quarter. Finally, Girard Partners LTD. lifted its position in shares of Wells Fargo & Co by 2.0% in the third quarter. Girard Partners LTD. now owns 52,941 shares of the financial services provider’s stock worth $2,782,000 after buying an additional 1,022 shares in the last quarter. Institutional investors and hedge funds own 75.50% of the company’s stock.

Shares of WFC stock opened at $51.83 on Monday. Wells Fargo & Co has a 1 year low of $50.02 and a 1 year high of $66.31. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. The company has a market cap of $252.81 billion, a price-to-earnings ratio of 12.61, a P/E/G ratio of 1.03 and a beta of 1.01.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $21.90 billion. On average, equities research analysts anticipate that Wells Fargo & Co will post 4.5 earnings per share for the current fiscal year.

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

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

A number of equities research analysts recently commented on the company. Zacks Investment Research downgraded Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. ValuEngine downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Friday, September 28th. Nomura decreased their target price on Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating on the stock in a research report on Monday, October 15th. BMO Capital Markets boosted their target price on Wells Fargo & Co to $65.00 and gave the stock a “market perform” rating in a research report on Monday, October 15th. Finally, Wolfe Research assumed coverage on Wells Fargo & Co in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Wells Fargo & Co has a consensus rating of “Buy” and a consensus price target of $63.79.

COPYRIGHT VIOLATION WARNING: This piece of content was published by WKRB News and is owned by of WKRB News. If you are viewing this piece of content on another domain, it was stolen and republished in violation of U.S. & international trademark and copyright legislation. The original version of this piece of content can be accessed at https://www.wkrb13.com/2018/11/26/wells-fargo-co-wfc-shares-sold-by-wesbanco-bank-inc.html.

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.

Read More: Asset Allocation and Your Retirement

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).

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

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply