Sheaff Brock Investment Advisors LLC Buys 1,356 Shares of Wells Fargo & Co (NYSE:WFC)

Sheaff Brock Investment Advisors LLC grew its stake in Wells Fargo & Co (NYSE:WFC) by 4.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,578 shares of the financial services provider’s stock after acquiring an additional 1,356 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Wells Fargo & Co were worth $1,526,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Grove Bank & Trust lifted its holdings in Wells Fargo & Co by 1.5% during the 1st quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock valued at $710,000 after purchasing an additional 214 shares during the last quarter. Telos Capital Management Inc. lifted its holdings in Wells Fargo & Co by 4.2% during the 4th quarter. Telos Capital Management Inc. now owns 5,390 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 216 shares during the last quarter. Legacy Bridge LLC lifted its holdings in Wells Fargo & Co by 1.2% during the 1st quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock valued at $928,000 after purchasing an additional 230 shares during the last quarter. Augustine Asset Management Inc. lifted its holdings in Wells Fargo & Co by 1.6% during the 1st quarter. Augustine Asset Management Inc. now owns 15,182 shares of the financial services provider’s stock valued at $733,000 after purchasing an additional 241 shares during the last quarter. Finally, Brand Asset Management Group Inc. lifted its holdings in Wells Fargo & Co by 96.8% during the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 242 shares during the last quarter. 75.35% of the stock is owned by institutional investors and hedge funds.

Several research analysts have weighed in on WFC shares. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price objective on the stock. in a research report on Thursday. Atlantic Securities cut Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective on the stock. in a research report on Tuesday, June 11th. Deutsche Bank lowered their price objective on Wells Fargo & Co from $48.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, May 21st. Morgan Stanley lowered their price objective on Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, April 15th. Finally, Barclays lowered their price objective on Wells Fargo & Co from $64.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, April 15th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company. Wells Fargo & Co presently has an average rating of “Hold” and an average target price of $54.50.

Shares of WFC stock traded up $0.36 during mid-day trading on Monday, reaching $47.68. 15,089,000 shares of the stock traded hands, compared to its average volume of 21,057,295. The business has a fifty day moving average price of $45.96. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $59.53. The stock has a market capitalization of $216.18 billion, a P/E ratio of 10.89, a price-to-earnings-growth ratio of 0.90 and a beta of 1.08. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.87 and a current ratio of 0.88.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. The firm had revenue of $21.61 billion for the quarter, compared to analyst estimates of $20.89 billion. During the same period last year, the firm posted $0.96 earnings per share. Equities research analysts expect that Wells Fargo & Co will post 4.7 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Co’s payout ratio is 41.10%.

Wells Fargo & Co announced that its Board of Directors has authorized a share 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 repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

In related news, insider Petros G. Pelos sold 28,304 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the transaction, the insider now directly owns 3,066 shares of the company’s stock, valued at $142,599.66. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.08% of the company’s stock.

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.

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

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