Rand Wealth LLC Sells 114,147 Shares of Wells Fargo & Co (WFC)

Rand Wealth LLC reduced its position in Wells Fargo & Co (NYSE:WFC) by 31.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 249,175 shares of the financial services provider’s stock after selling 114,147 shares during the quarter. Wells Fargo & Co comprises approximately 1.5% of Rand Wealth LLC’s investment portfolio, making the stock its 13th largest position. Rand Wealth LLC’s holdings in Wells Fargo & Co were worth $13,097,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cedar Capital LLC grew its holdings in shares of Wells Fargo & Co by 13.3% during the 2nd quarter. Cedar Capital LLC now owns 7,383 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 867 shares during the period. Proficio Capital Partners LLC grew its holdings in shares of Wells Fargo & Co by 18.4% during the 2nd quarter. Proficio Capital Partners LLC now owns 5,699 shares of the financial services provider’s stock worth $316,000 after purchasing an additional 886 shares during the period. GHP Investment Advisors Inc. grew its holdings in shares of Wells Fargo & Co by 2.9% during the 2nd quarter. GHP Investment Advisors Inc. now owns 31,775 shares of the financial services provider’s stock worth $1,762,000 after purchasing an additional 886 shares during the period. Community Trust & Investment Co. grew its holdings in shares of Wells Fargo & Co by 13.1% during the 2nd quarter. Community Trust & Investment Co. now owns 7,723 shares of the financial services provider’s stock worth $428,000 after purchasing an additional 894 shares during the period. Finally, Copperwynd Financial LLC grew its holdings in shares of Wells Fargo & Co by 15.7% during the 2nd quarter. Copperwynd Financial LLC now owns 6,648 shares of the financial services provider’s stock worth $369,000 after purchasing an additional 900 shares during the period. 73.02% of the stock is owned by hedge funds and other institutional investors.

Shares of Wells Fargo & Co stock opened at $50.26 on Friday. Wells Fargo & Co has a 12 month low of $50.02 and a 12 month high of $66.31. The stock has a market cap of $249.20 billion, a P/E ratio of 12.23, a PEG ratio of 1.02 and a beta of 1.00. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.87 and a quick ratio of 0.86.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The firm had revenue of $21.94 billion for the quarter, compared to analysts’ expectations of $21.90 billion. As a group, equities analysts expect that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Friday, November 9th were given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.

Wells Fargo & Co announced that its board has initiated a share repurchase plan on Tuesday, October 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

A number of research firms have recently weighed in on WFC. 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. Wolfe Research began coverage on Wells Fargo & Co in a report on Tuesday, September 25th. They set an “outperform” rating for the company. 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. Finally, Citigroup upgraded Wells Fargo & Co from a “neutral” rating to a “buy” rating in a report on Friday, November 2nd. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $63.61.

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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.

Read More: Institutional Investors

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).

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

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