Glassman Wealth Services boosted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 100.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,877 shares of the financial services provider’s stock after acquiring an additional 7,970 shares during the quarter. Glassman Wealth Services’ holdings in Wells Fargo & Co were worth $834,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in WFC. Sageworth Trust Co increased its stake in shares of Wells Fargo & Co by 257.9% in the third quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock valued at $113,000 after buying an additional 1,550 shares in the last quarter. Landaas & Co. WI ADV acquired a new stake in shares of Wells Fargo & Co in the second quarter valued at $117,000. Lee Financial Co increased its stake in shares of Wells Fargo & Co by 433.4% in the third quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock valued at $132,000 after buying an additional 2,037 shares in the last quarter. Almanack Investment Partners LLC. acquired a new stake in shares of Wells Fargo & Co in the third quarter valued at $141,000. Finally, Parkside Investments LLC acquired a new stake in shares of Wells Fargo & Co in the third quarter valued at $174,000. Hedge funds and other institutional investors own 75.50% of the company’s stock.
Wells Fargo & Co stock opened at $54.28 on Monday. The stock has a market capitalization of $264.76 billion, a P/E ratio of 13.21, a PEG ratio of 1.08 and a beta of 1.01. Wells Fargo & Co has a 12-month low of $50.02 and a 12-month 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.
Wells Fargo & Co declared that its Board of Directors has initiated a share buyback program on Tuesday, October 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Friday, November 9th were issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 41.85%.
A number of analysts have recently weighed in on WFC shares. Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. They noted that the move was a valuation call. Edward Jones upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday, September 17th. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Tuesday, September 18th. Wolfe Research initiated coverage on Wells Fargo & Co in a report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Finally, UBS Group set a $63.00 price target on Wells Fargo & Co and gave the company a “buy” rating in a report on Friday, September 28th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Wells Fargo & Co presently has a consensus 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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