Sicart Associates LLC Makes New $4.41 Million Investment in Wells Fargo & Co (NYSE:WFC)

Sicart Associates LLC bought a new stake in shares of Wells Fargo & Co (NYSE:WFC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 172,390 shares of the financial services provider’s stock, valued at approximately $4,413,000. Wells Fargo & Co makes up about 1.4% of Sicart Associates LLC’s investment portfolio, making the stock its 19th biggest position.

Several other large investors have also recently bought and sold shares of the company. Capital Asset Advisory Services LLC increased its holdings in Wells Fargo & Co by 25.0% during the 1st quarter. Capital Asset Advisory Services LLC now owns 16,233 shares of the financial services provider’s stock worth $374,000 after purchasing an additional 3,245 shares during the last quarter. Colony Group LLC grew its position in shares of Wells Fargo & Co by 3.0% in the 1st quarter. Colony Group LLC now owns 200,691 shares of the financial services provider’s stock worth $5,760,000 after acquiring an additional 5,825 shares in the last quarter. Asahi Life Asset Management CO. LTD. grew its position in shares of Wells Fargo & Co by 143.5% in the 1st quarter. Asahi Life Asset Management CO. LTD. now owns 23,670 shares of the financial services provider’s stock worth $679,000 after acquiring an additional 13,950 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of Wells Fargo & Co in the 1st quarter worth approximately $77,000. Finally, Fulton Bank N.A. grew its position in shares of Wells Fargo & Co by 5.5% in the 1st quarter. Fulton Bank N.A. now owns 20,099 shares of the financial services provider’s stock worth $576,000 after acquiring an additional 1,052 shares in the last quarter. 72.93% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have recently commented on WFC. Seaport Global Securities began coverage on Wells Fargo & Co in a research report on Wednesday, July 8th. They issued a “neutral” rating for the company. Nomura Securities restated a “buy” rating and set a $31.00 price objective on shares of Wells Fargo & Co in a research report on Thursday, April 16th. Royal Bank of Canada reduced their price objective on Wells Fargo & Co from $29.00 to $25.00 and set an “underperform” rating for the company in a research report on Wednesday, July 15th. Credit Suisse Group reduced their price objective on Wells Fargo & Co from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, April 21st. Finally, Atlantic Securities upgraded Wells Fargo & Co from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $28.00 to $30.00 in a research report on Wednesday, July 22nd. Four analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $33.31.

Shares of WFC traded down $0.39 during midday trading on Friday, reaching $24.26. The stock had a trading volume of 45,570,805 shares, compared to its average volume of 45,648,844. The firm’s 50 day moving average price is $26.02 and its 200-day moving average price is $32.85. The company has a market capitalization of $101.06 billion, a P/E ratio of 20.54, a P/E/G ratio of 36.76 and a beta of 1.15. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.88 and a quick ratio of 0.86. Wells Fargo & Co has a 52 week low of $22.00 and a 52 week high of $54.75.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported ($0.66) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.50). The company had revenue of $17.80 billion for the quarter, compared to analyst estimates of $18.30 billion. Wells Fargo & Co had a return on equity of 4.33% and a net margin of 6.26%. The firm’s revenue for the quarter was down 17.5% on a year-over-year basis. During the same period last year, the firm earned $1.30 earnings per share. On average, equities analysts forecast that Wells Fargo & Co will post 0.07 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Thursday, August 6th. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 46.58%.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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

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