Sterneck Capital Management LLC Purchases 1,337 Shares of Wells Fargo & Company (WFC)

Sterneck Capital Management LLC grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,280 shares of the financial services provider’s stock after purchasing an additional 1,337 shares during the quarter. Sterneck Capital Management LLC’s holdings in Wells Fargo & Company were worth $2,232,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Keel Point LLC increased its holdings in Wells Fargo & Company by 4.8% in the 2nd quarter. Keel Point LLC now owns 9,439 shares of the financial services provider’s stock worth $523,000 after acquiring an additional 435 shares in the last quarter. Schneider Capital Management Corp purchased a new stake in Wells Fargo & Company in the 2nd quarter worth $17,007,000. Sterling Capital Management LLC increased its holdings in Wells Fargo & Company by 1.5% in the 2nd quarter. Sterling Capital Management LLC now owns 1,758,084 shares of the financial services provider’s stock worth $97,415,000 after acquiring an additional 26,484 shares in the last quarter. BB&T Investment Services Inc. purchased a new stake in Wells Fargo & Company in the 2nd quarter worth $615,000. Finally, Delphi Management Inc. MA increased its holdings in Wells Fargo & Company by 96.9% in the 2nd quarter. Delphi Management Inc. MA now owns 86,951 shares of the financial services provider’s stock worth $4,829,000 after acquiring an additional 42,795 shares in the last quarter. 75.77% of the stock is owned by hedge funds and other institutional investors.

In other Wells Fargo & Company news, insider Michael J. Loughlin sold 17,482 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $57.80, for a total value of $1,010,459.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John R. Shrewsberry sold 70,000 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $56.90, for a total transaction of $3,983,000.00. The disclosure for this sale can be found here. Insiders sold 184,482 shares of company stock worth $10,471,050 in the last ninety days. 0.22% of the stock is currently owned by corporate insiders.

Shares of Wells Fargo & Company (NYSE WFC) traded up $1.46 during mid-day trading on Wednesday, hitting $60.33. 25,040,400 shares of the stock traded hands, compared to its average volume of 18,450,271. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.89 and a current ratio of 0.91. The firm has a market cap of $289,891.22, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.42 and a beta of 0.96. Wells Fargo & Company has a 1 year low of $49.27 and a 1 year high of $60.56.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.84 EPS for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). Wells Fargo & Company had a net margin of 22.00% and a return on equity of 12.59%. The company had revenue of $21.93 billion during the quarter, compared to analyst estimates of $22.30 billion. During the same period in the previous year, the company earned $1.03 EPS. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. analysts expect that Wells Fargo & Company will post 3.97 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 3rd were given a $0.39 dividend. The ex-dividend date was Thursday, November 2nd. This represents a $1.56 dividend on an annualized basis and a yield of 2.59%. Wells Fargo & Company’s payout ratio is currently 40.31%.

Several brokerages recently commented on WFC. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Wells Fargo & Company in a report on Wednesday, August 16th. Goldman Sachs Group reissued a “buy” rating on shares of Wells Fargo & Company in a report on Wednesday, October 11th. Vetr raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating and set a $54.49 price target for the company in a report on Tuesday, October 24th. Vertical Group began coverage on shares of Wells Fargo & Company in a report on Friday, October 6th. They issued a “sell” rating for the company. Finally, Credit Suisse Group reissued a “hold” rating and issued a $57.00 price target on shares of Wells Fargo & Company in a report on Tuesday, October 10th. Five analysts have rated the stock with a sell rating, fifteen have given a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company’s stock. Wells Fargo & Company currently has an average rating of “Hold” and a consensus target price of $57.25.

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About Wells Fargo & Company

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

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