PVG Asset Management Corp Invests $4,668,000 in Wells Fargo & Company (WFC)

PVG Asset Management Corp bought a new position in Wells Fargo & Company (NYSE:WFC) during the third quarter, Holdings Channel reports. The institutional investor bought 105,426 shares of the financial services provider’s stock, valued at approximately $4,668,000. Wells Fargo & Company comprises approximately 2.0% of PVG Asset Management Corp’s portfolio, making the stock its 10th largest position.

Several other institutional investors have also recently modified their holdings of WFC. Integrated Wealth Counsel LLC increased its position in shares of Wells Fargo & Company by 17.8% in the third quarter. Integrated Wealth Counsel LLC now owns 2,408 shares of the financial services provider’s stock worth $107,000 after buying an additional 363 shares during the last quarter. Coconut Grove Bank increased its position in shares of Wells Fargo & Company by 54.9% in the third quarter. Coconut Grove Bank now owns 2,538 shares of the financial services provider’s stock worth $112,000 after buying an additional 900 shares during the last quarter. Timber Creek Capital Management LLC increased its position in shares of Wells Fargo & Company by 30.0% in the third quarter. Timber Creek Capital Management LLC now owns 3,033 shares of the financial services provider’s stock worth $134,000 after buying an additional 700 shares during the last quarter. Cedar Wealth Management LLC increased its position in shares of Wells Fargo & Company by 5.6% in the third quarter. Cedar Wealth Management LLC now owns 3,461 shares of the financial services provider’s stock worth $153,000 after buying an additional 185 shares during the last quarter. Finally, Bellwether Investment Group LLC purchased a new position in shares of Wells Fargo & Company during the second quarter worth approximately $186,000. Hedge funds and other institutional investors own 73.60% of the company’s stock.

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

Wells Fargo & Company (NYSE:WFC) opened at 56.86 on Friday. The stock has a market cap of $285.22 billion, a P/E ratio of 14.25 and a beta of 0.98. The stock has a 50 day moving average of $55.56 and a 200-day moving average of $50.51. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $58.02.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, January 13th. The financial services provider reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.00 by $0.04. The firm earned $21.60 billion during the quarter. Wells Fargo & Company had a return on equity of 12.60% and a net margin of 23.30%. Wells Fargo & Company’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.03 earnings per share. Analysts forecast that Wells Fargo & Company will post $4.19 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Stockholders of record on Friday, February 3rd will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Wednesday, February 1st. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 38.10%.

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A number of equities analysts recently commented on WFC shares. Citigroup Inc. reiterated a “buy” rating on shares of Wells Fargo & Company in a research note on Thursday, November 10th. Evercore ISI reissued a “buy” rating and issued a $51.00 price target on shares of Wells Fargo & Company in a research report on Sunday, October 23rd. Deutsche Bank AG boosted their price target on shares of Wells Fargo & Company from $49.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, November 30th. Zacks Investment Research raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a research report on Thursday, December 29th. Finally, Argus reissued a “buy” rating on shares of Wells Fargo & Company in a research report on Tuesday, January 10th. Seven research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $53.11.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

5 Day Chart for NYSE:WFC

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 & Company (NYSE:WFC).

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