6 Meridian grew its position in shares of Wells Fargo & Co (NYSE:WFC) by 81.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 340,803 shares of the financial services provider’s stock after purchasing an additional 153,468 shares during the period. Wells Fargo & Co makes up approximately 1.7% of 6 Meridian’s investment portfolio, making the stock its 11th biggest position. 6 Meridian’s holdings in Wells Fargo & Co were worth $17,190,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Horan Capital Advisors LLC. purchased a new position in shares of Wells Fargo & Co during the third quarter valued at about $25,000. Evolution Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Co during the second quarter valued at about $25,000. Next Capital Management LLC purchased a new position in shares of Wells Fargo & Co during the second quarter valued at about $32,000. NuWave Investment Management LLC grew its position in shares of Wells Fargo & Co by 122.3% during the third quarter. NuWave Investment Management LLC now owns 798 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 439 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Co during the second quarter valued at about $51,000. Hedge funds and other institutional investors own 75.25% of the company’s stock.
Shares of NYSE:WFC opened at $50.62 on Wednesday. The firm has a market cap of $220.17 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 1.03 and a beta of 1.11. The firm’s 50 day simple moving average is $48.95 and its 200-day simple moving average is $47.22. Wells Fargo & Co has a one year low of $43.02 and a one year high of $55.04. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.85 and a current ratio of 0.86.
Wells Fargo & Co announced that its board has approved a stock buyback program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.03%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 46.58%.
WFC has been the subject of a number of research analyst reports. Citigroup lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price objective for the company from $56.00 to $51.00 in a research report on Friday, July 12th. Argus raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a report on Monday, September 30th. ValuEngine raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Tuesday, October 15th. Macquarie downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $54.00 to $47.00 in a report on Wednesday, July 17th. Finally, Robert W. Baird downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 price target for the company. in a report on Monday, September 30th. Four analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $49.75.
About Wells Fargo & Co
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.
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