Sicart Associates LLC Buys New Position 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 13F filing with the Securities and Exchange Commission (SEC). The fund bought 172,390 shares of the financial services provider’s stock, valued at approximately $4,413,000. Wells Fargo & Co accounts for 1.4% of Sicart Associates LLC’s holdings, making the stock its 19th biggest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Your Advocates Ltd. LLP bought a new stake in Wells Fargo & Co during the first quarter valued at approximately $26,000. HHM Wealth Advisors LLC bought a new position in shares of Wells Fargo & Co in the first quarter worth approximately $27,000. Watson Rebecca bought a new position in shares of Wells Fargo & Co in the second quarter worth approximately $37,000. Global Wealth Management Investment Advisory Inc. boosted its position in shares of Wells Fargo & Co by 95.0% in the first quarter. Global Wealth Management Investment Advisory Inc. now owns 1,320 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 643 shares during the period. Finally, Selective Wealth Management Inc. boosted its position in shares of Wells Fargo & Co by 227.2% in the second quarter. Selective Wealth Management Inc. now owns 1,623 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 1,127 shares during the period. Institutional investors own 72.93% of the company’s stock.

A number of research firms have weighed in on WFC. JPMorgan Chase & Co. lowered shares of Wells Fargo & Co to a “sell” rating in a research report on Wednesday, July 15th. Credit Suisse Group dropped their price target on shares of 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. Bank of America dropped their price target on shares of Wells Fargo & Co from $32.00 to $29.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. Deutsche Bank upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research report on Wednesday, June 3rd. Finally, Barclays dropped their target price on shares of Wells Fargo & Co from $40.00 to $33.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 15th. Four research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $33.31.

Shares of WFC traded down $0.39 during midday trading on Friday, hitting $24.26. The stock had a trading volume of 45,570,805 shares, compared to its average volume of 45,648,844. Wells Fargo & Co has a 1 year low of $22.00 and a 1 year high of $54.75. The firm has a market cap of $101.06 billion, a PE ratio of 20.54, a price-to-earnings-growth 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. The stock’s 50 day moving average is $26.02 and its 200 day moving average is $32.85.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported ($0.66) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.50). The firm had revenue of $17.80 billion during the quarter, compared to analysts’ expectations of $18.30 billion. Wells Fargo & Co had a net margin of 6.26% and a return on equity of 4.33%. The company’s revenue was down 17.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.30 EPS. As a group, equities research analysts expect that Wells Fargo & Co will post 0.07 earnings per share for the current fiscal year.

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

Wells Fargo & Co Profile

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.

See Also: Treasury Bonds

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

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