By: Mark Fitzgerald
Wells Fargo & Co., already A.H. Belo’s biggest shareholder, has increased its stake in the Dallas-based newspaper publisher to 12.36% from 7.14%, the firm disclosed in a Securities and Exchange Commission filing.
At Friday’s closing price of $6.75 a share, Wells Fargo’s stake of 2.26 million shares was worth $15.25 million. When Wells Fargo last reported its stake on March 31, it said it held 1.3 million shares of A.H. Belo, which trades on the New York Stock Exchange under the symbol AHC.
Newspaper stocks have soared in value since many hit historical lows in 2009, though most have fallen considerably in recent weeks. AHC is up 476% in the past 52 weeks. It hit its 52-week high of $9.16 on April 27 and its low of 92 cents on July 14, 2009.