LeJeune Puetz Investment Counsel LLC trimmed its position in shares of Wells Fargo & Co (NYSE:WFC) by 11.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,250 shares of the financial services provider’s stock after selling 400 shares during the period. LeJeune Puetz Investment Counsel LLC’s holdings in Wells Fargo & Co were worth $164,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in WFC. Evolution Wealth Advisors LLC bought a new stake in Wells Fargo & Co during the second quarter valued at about $25,000. Horan Capital Advisors LLC. bought a new stake in Wells Fargo & Co during the third quarter valued at about $25,000. Next Capital Management LLC bought a new stake in Wells Fargo & Co during the second quarter valued at about $32,000. NuWave Investment Management LLC boosted its holdings in 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 acquiring an additional 439 shares during the period. Finally, Global Trust Asset Management LLC boosted its holdings in Wells Fargo & Co by 643.0% during the second quarter. Global Trust Asset Management LLC now owns 5,506 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 4,765 shares during the period. Institutional investors own 75.25% of the company’s stock.
Shares of WFC traded up $0.08 during trading hours on Thursday, reaching $51.01. 308,620 shares of the company traded hands, compared to its average volume of 23,560,352. The stock’s fifty day moving average is $49.03 and its 200 day moving average is $47.23. The stock has a market cap of $223.04 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 1.05 and a beta of 1.11. 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 has a 1-year low of $43.02 and a 1-year high of $55.04.
Wells Fargo & Co declared that its board has initiated a stock buyback program on Thursday, June 27th that allows the company to repurchase $23.10 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 4.00%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 46.58%.
WFC has been the subject of a number of recent analyst reports. Wolfe Research cut shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Credit Suisse Group upped their price objective on shares of Wells Fargo & Co from $52.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. BMO Capital Markets cut their price objective on shares of Wells Fargo & Co from $59.00 to $57.00 and set a “market perform” rating for the company in a research report on Wednesday, October 16th. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price objective for the company. in a research report on Thursday, June 27th. Finally, Deutsche Bank set a $44.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 26th. Four investment 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. The company has an average rating of “Hold” and a consensus price target of $49.75.
Wells Fargo & Co Company 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.
Read More: Diluted Earnings Per Share
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).
Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.