Crestwood Advisors Group LLC lifted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 1.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 398,343 shares of the financial services provider’s stock after buying an additional 5,892 shares during the period. Wells Fargo & Co accounts for about 1.9% of Crestwood Advisors Group LLC’s investment portfolio, making the stock its 18th biggest holding. Crestwood Advisors Group LLC’s holdings in Wells Fargo & Co were worth $21,969,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in WFC. Stelac Advisory Services LLC bought a new position in shares of Wells Fargo & Co in the 2nd quarter worth $104,000. Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of Wells Fargo & Co by 0.3% in 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 in the last quarter. Westside Investment Management Inc. lifted its holdings in shares of Wells Fargo & Co by 63.9% in 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 in the last quarter. BKS Advisors LLC bought a new position in shares of Wells Fargo & Co in the 3rd quarter worth $143,000. Finally, BDO Wealth Advisors LLC bought a new position in shares of Wells Fargo & Co in the 2nd quarter worth $151,000. 76.00% of the stock is owned by institutional investors.
In other news, VP Richard Levy sold 97,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total transaction of $5,477,590.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John R. Shrewsberry sold 70,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 184,482 shares of company stock valued at $10,471,050. Insiders own 0.22% of the company’s stock.
Shares of Wells Fargo & Co (NYSE WFC) opened at $59.95 on Friday. Wells Fargo & Co has a 12-month low of $49.27 and a 12-month high of $66.31. The stock has a market capitalization of $295,210.00, a price-to-earnings ratio of 17.38, a PEG ratio of 1.57 and a beta of 1.01. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90.
Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The business had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. During the same period in the prior year, the business earned $0.96 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. sell-side analysts predict that Wells Fargo & Co will post 4.72 earnings per share for the current year.
Wells Fargo & Co announced that its Board of Directors has authorized a stock repurchase program on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend is Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio is presently 45.22%.
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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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