Westside Investment Management Inc. Grows Stock Holdings in Wells Fargo & Company $WFC

Westside Investment Management Inc. increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 246.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,040 shares of the financial services provider’s stock after buying an additional 740 shares during the quarter. Westside Investment Management Inc.’s holdings in Wells Fargo & Company were worth $84,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC lifted its position in Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the period. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the 2nd quarter worth approximately $27,000. Motco increased its stake in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 326 shares in the last quarter. Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth approximately $29,000. Finally, 1248 Management LLC purchased a new stake in Wells Fargo & Company in the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 0.3%

Shares of WFC opened at $87.06 on Wednesday. The firm has a market cap of $278.89 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22. The company’s fifty day moving average is $83.00 and its two-hundred day moving average is $79.01. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $88.50. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.11. The business had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.42 EPS. Analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, November 7th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. Wells Fargo & Company’s payout ratio is presently 29.61%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Phillip Securities cut shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Keefe, Bruyette & Woods lifted their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 15th. Weiss Ratings upgraded shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, October 8th. Cfra Research upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. Finally, Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a report on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $89.57.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.