By: Mark Fitzgerald
Since Memorial Day, Wells Fargo and Co. has dumped nearly half its holdings of A.H. Belo stock (AHC), the bank holding company disclosed in a Securities and Exchange Commission (SEC) filing Monday.
Wells Fargo said it now holds 1.17 million shares, or a 6.48% stake, in The Dallas Morning News publisher. In a June 11 SEC filing, the bank reported owning 2.26 million shares, or a 12.36% stake. Back in late March, just as AHC was about to hit its current 52-week high, Wells Fargo reported holdings of 1.3 million shares, 7.14% of outstanding.
There was no explanation for the move, but AHC’s upward price movement has fallen back since hitting a 52-week high of $9.16 a share on April 27. AHC closed Monday off 8 cents, or 1.4%, at $6.91 on very light volume.
AHC has been good to investors who didn’t give up on it when it was trading below $1 a share in the first half of 2009. Its share price is up 527% in the past 52 weeks. AHC hit its current 52-week low of 92 cents on July 14, 2009.