Wells Fargo & Co (WFC) Stake Increased by Lafayette Investments Inc.

Lafayette Investments Inc. lifted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 1.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 124,973 shares of the financial services provider’s stock after acquiring an additional 1,894 shares during the period. Wells Fargo & Co makes up about 2.6% of Lafayette Investments Inc.’s holdings, making the stock its 15th largest holding. Lafayette Investments Inc.’s holdings in Wells Fargo & Co were worth $6,892,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Stelac Advisory Services LLC acquired a new position in shares of Wells Fargo & Co during the 2nd quarter worth about $104,000. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Wells Fargo & Co by 0.3% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 6 shares during the last quarter. Westside Investment Management Inc. lifted its position in shares of Wells Fargo & Co by 63.9% during the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 891 shares during the last quarter. BKS Advisors LLC acquired a new position in shares of Wells Fargo & Co during the 3rd quarter worth about $143,000. Finally, BDO Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Co during the 2nd quarter worth about $151,000. Institutional investors own 76.20% of the company’s stock.

Several research firms recently weighed in on WFC. Morgan Stanley boosted their price objective on Wells Fargo & Co from $72.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods cut Wells Fargo & Co from an “outperform” rating to a “market perform” rating and set a $63.00 price objective for the company. in a research report on Sunday. BMO Capital Markets reissued a “hold” rating and set a $60.00 price objective on shares of Wells Fargo & Co in a research report on Monday. Citigroup cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research report on Monday. Finally, Royal Bank of Canada cut Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a research report on Monday. Six investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $76.81.

In related news, insider Michael J. Loughlin sold 17,482 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $57.80, for a total transaction of $1,010,459.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Richard Levy sold 97,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total value of $5,477,590.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 184,482 shares of company stock valued at $10,471,050. 0.22% of the stock is currently owned by insiders.

Wells Fargo & Co (NYSE WFC) opened at $57.54 on Thursday. Wells Fargo & Co has a twelve month low of $49.27 and a twelve month high of $66.31. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $283,340.00, a P/E ratio of 13.93, a PEG ratio of 1.53 and a beta of 1.01.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results 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). Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The company had revenue of $22.05 billion during the quarter, compared to analyst estimates of $22.64 billion. During the same period in the previous year, the company posted $0.96 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. research analysts predict that Wells Fargo & Co will post 4.7 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be issued a $0.39 dividend. The ex-dividend date is Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.71%. Wells Fargo & Co’s payout ratio is presently 37.77%.

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

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About Wells Fargo & Co

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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