Horan Capital Management Decreases Position in Wells Fargo (WFC)
Horan Capital Management decreased its position in shares of Wells Fargo (NYSE:WFC) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 325,995 shares of the financial services provider’s stock after selling 1,102 shares during the period. Wells Fargo accounts for 3.9% of Horan Capital Management’s holdings, making the stock its 9th biggest position. Horan Capital Management’s holdings in Wells Fargo were worth $19,778,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Heartland Advisors Inc. lifted its position in Wells Fargo by 3.9% during the second quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock valued at $15,102,000 after acquiring an additional 10,318 shares during the last quarter. Carret Asset Management LLC lifted its position in Wells Fargo by 2.8% during the third quarter. Carret Asset Management LLC now owns 53,814 shares of the financial services provider’s stock valued at $2,968,000 after acquiring an additional 1,446 shares during the last quarter. Western Standard LLC lifted its position in Wells Fargo by 96.8% during the third quarter. Western Standard LLC now owns 62,315 shares of the financial services provider’s stock valued at $3,437,000 after acquiring an additional 30,653 shares during the last quarter. Personal Capital Advisors Corp lifted its position in Wells Fargo by 5.0% during the third quarter. Personal Capital Advisors Corp now owns 554,429 shares of the financial services provider’s stock valued at $30,577,000 after acquiring an additional 26,614 shares during the last quarter. Finally, Heritage Way Advisors LLC lifted its position in Wells Fargo by 69.2% during the fourth quarter. Heritage Way Advisors LLC now owns 62,100 shares of the financial services provider’s stock valued at $3,768,000 after acquiring an additional 25,407 shares during the last quarter. 77.32% of the stock is owned by institutional investors.
WFC has been the subject of a number of analyst reports. Vertical Group raised shares of Wells Fargo from a “sell” rating to a “buy” rating in a research report on Thursday, December 7th. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Wells Fargo in a report on Tuesday, January 16th. Vining Sparks reaffirmed a “buy” rating and issued a $75.00 price target on shares of Wells Fargo in a report on Monday, January 8th. Sandler O’Neill raised shares of Wells Fargo from a “hold” rating to a “buy” rating and raised their price target for the stock from $62.04 to $73.00 in a report on Tuesday, January 9th. Finally, Buckingham Research raised shares of Wells Fargo from a “neutral” rating to a “buy” rating and raised their price target for the stock from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $62.90.
Wells Fargo (NYSE:WFC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). The firm had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.96 EPS. research analysts forecast that Wells Fargo will post 4.72 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Friday, February 2nd were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.56 annualized dividend and a yield of 2.85%. Wells Fargo’s dividend payout ratio is presently 38.33%.
Wells Fargo announced that its board has approved a stock buyback plan on Tuesday, January 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, Director Ronald Sargent purchased 9,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were bought at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the transaction, the director now owns 81 shares in the company, valued at $4,534.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.22% of the stock is currently owned by company insiders.
About Wells Fargo
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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