Kanawha Capital Management LLC trimmed its position in shares of Wells Fargo & Co (NYSE:WFC) by 1.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 212,883 shares of the financial services provider’s stock after selling 2,050 shares during the quarter. Wells Fargo & Co makes up approximately 1.9% of Kanawha Capital Management LLC’s holdings, making the stock its 19th largest position. Kanawha Capital Management LLC’s holdings in Wells Fargo & Co were worth $12,916,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of WFC. Capital World Investors boosted its position in Wells Fargo & Co by 10.8% during the 2nd quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after acquiring an additional 10,927,679 shares in the last quarter. Capital Research Global Investors boosted its position in Wells Fargo & Co by 19.7% during the 2nd quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after acquiring an additional 7,445,414 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Wells Fargo & Co by 26.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock valued at $1,653,464,000 after acquiring an additional 6,291,906 shares in the last quarter. Janus Henderson Group PLC boosted its position in Wells Fargo & Co by 396.3% during the 2nd quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock valued at $326,655,000 after acquiring an additional 4,707,207 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Wells Fargo & Co by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after acquiring an additional 3,621,402 shares in the last quarter. 77.39% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on the company. Zacks Investment Research cut Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Vetr raised Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.78 price objective on the stock in a research report on Monday, February 12th. Morgan Stanley cut Wells Fargo & Co from an “overweight” rating to an “underweight” rating and cut their price objective for the company from $75.00 to $64.00 in a research report on Tuesday, February 6th. UBS Group set a $63.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Monday, February 5th. Finally, Vining Sparks reiterated a “buy” rating and set a $68.50 target price on shares of Wells Fargo & Co in a report on Monday, February 5th. Six research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $62.90.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). The firm had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. Wells Fargo & Co’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.96 earnings per share. analysts anticipate that Wells Fargo & Co will post 4.72 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Friday, February 2nd were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a yield of 2.71%. Wells Fargo & Co’s dividend payout ratio is presently 43.21%.
Wells Fargo & Co announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
In related news, Director Ronald Sargent bought 9,000 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was acquired at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the purchase, the director now owns 81 shares in the company, valued at $4,534.38. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.22% of the stock is currently owned by insiders.
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About Wells Fargo & Co
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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