Wells Fargo & Co (NYSE:WFC) Position Trimmed by Narwhal Capital Management
Narwhal Capital Management lessened its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 4.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,591 shares of the financial services provider’s stock after selling 4,749 shares during the quarter. Narwhal Capital Management’s holdings in Wells Fargo & Co were worth $4,571,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Harrington Investments INC purchased a new position in Wells Fargo & Co during the 1st quarter valued at about $203,000. Assenagon Asset Management S.A. grew its stake in shares of Wells Fargo & Co by 72.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 34,115 shares of the financial services provider’s stock valued at $1,648,000 after buying an additional 14,291 shares in the last quarter. Calton & Associates Inc. grew its stake in shares of Wells Fargo & Co by 67.8% in the 2nd quarter. Calton & Associates Inc. now owns 10,772 shares of the financial services provider’s stock valued at $510,000 after buying an additional 4,354 shares in the last quarter. OLD National Bancorp IN grew its stake in shares of Wells Fargo & Co by 0.7% in the 2nd quarter. OLD National Bancorp IN now owns 60,957 shares of the financial services provider’s stock valued at $2,884,000 after buying an additional 411 shares in the last quarter. Finally, LaFleur & Godfrey LLC grew its stake in shares of Wells Fargo & Co by 31.8% in the 1st quarter. LaFleur & Godfrey LLC now owns 14,920 shares of the financial services provider’s stock valued at $721,000 after buying an additional 3,600 shares in the last quarter. 75.35% of the stock is currently owned by institutional investors.
In related news, insider Petros G. Pelos sold 28,304 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the sale, the insider now directly owns 3,066 shares in the company, valued at approximately $142,599.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by insiders.
Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The firm had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. During the same period in the previous year, the company earned $0.98 EPS. The company’s revenue for the quarter was up .1% on a year-over-year basis. Analysts expect that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.
Wells Fargo & Co announced that its board has authorized a stock buyback program on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be issued a $0.51 dividend. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend is Thursday, August 8th. Wells Fargo & Co’s payout ratio is 46.58%.
WFC has been the subject of several recent research reports. Wolfe Research cut Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. UBS Group lowered their price target on Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. JPMorgan Chase & Co. lowered their price target on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research note on Tuesday, July 9th. Odeon Capital Group raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Finally, Bank of America cut Wells Fargo & Co from a “buy” rating to a “neutral” rating in a research note on Monday, April 15th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $51.12.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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