Western Standard LLC Acquires 1,300 Shares of Wells Fargo & Co (WFC)

Western Standard LLC increased its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,000 shares of the financial services provider’s stock after acquiring an additional 1,300 shares during the quarter. Wells Fargo & Co comprises 3.0% of Western Standard LLC’s investment portfolio, making the stock its 13th biggest position. Western Standard LLC’s holdings in Wells Fargo & Co were worth $2,994,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of WFC. Coyle Financial Counsel LLC acquired a new position in Wells Fargo & Co in the 1st quarter valued at about $101,000. Landaas & Co. WI ADV acquired a new position in Wells Fargo & Co in the 2nd quarter valued at about $117,000. Stelac Advisory Services LLC boosted its holdings in Wells Fargo & Co by 99.3% in the 1st quarter. Stelac Advisory Services LLC now owns 3,581 shares of the financial services provider’s stock valued at $188,000 after purchasing an additional 1,784 shares during the last quarter. Diligent Investors LLC acquired a new position in Wells Fargo & Co in the 2nd quarter valued at about $200,000. Finally, Day & Ennis LLC acquired a new position in Wells Fargo & Co in the 2nd quarter valued at about $202,000. Hedge funds and other institutional investors own 77.53% of the company’s stock.

In related news, EVP Hope A. Hardison sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the sale, the executive vice president now directly owns 109 shares of the company’s stock, valued at approximately $6,323.09. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Avid Modjtabai sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.

Several equities analysts have weighed in on WFC shares. Edward Jones upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday. Macquarie lowered shares of 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. Morgan Stanley decreased their target price on shares of Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating on the stock in a report on Monday, July 16th. Susquehanna Bancshares set a $63.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 13th. Finally, Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Wells Fargo & Co currently has an average rating of “Hold” and an average target price of $63.28.

Wells Fargo & Co stock opened at $55.55 on Friday. The company has a market capitalization of $265.84 billion, a PE ratio of 13.52, a P/E/G ratio of 1.48 and a beta of 1.12. Wells Fargo & Co has a 1 year low of $50.26 and a 1 year high of $66.31. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.22.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Friday, July 13th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.04). The company had revenue of $21.55 billion during the quarter, compared to analysts’ expectations of $21.52 billion. Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. research analysts forecast that Wells Fargo & Co will post 4.55 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Saturday, September 1st. Investors of record on Friday, August 10th were paid a dividend of $0.43 per share. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.39. This represents a $1.72 annualized dividend and a yield of 3.10%. The ex-dividend date was Thursday, August 9th. Wells Fargo & Co’s dividend payout ratio is presently 41.85%.

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. 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.

Recommended Story: Determine Your Level of Risk Tolerance

Institutional Ownership by Quarter 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.

Leave a Reply