Grisanti Capital Management LLC Cuts Stake in Wells Fargo (WFC)

Grisanti Capital Management LLC cut its holdings in shares of Wells Fargo (NYSE:WFC) by 15.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 273,815 shares of the financial services provider’s stock after selling 50,040 shares during the quarter. Wells Fargo comprises 6.8% of Grisanti Capital Management LLC’s investment portfolio, making the stock its largest holding. Grisanti Capital Management LLC’s holdings in Wells Fargo were worth $16,612,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Wells Fargo by 1.2% in the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after purchasing an additional 3,621,402 shares in the last quarter. Capital World Investors raised its stake in shares of Wells Fargo by 10.8% in the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after purchasing an additional 10,927,679 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Wells Fargo by 19.7% in the second 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 purchasing an additional 7,445,414 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Wells Fargo by 17.8% in the third quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock valued at $1,937,888,000 after purchasing an additional 5,305,125 shares in the last quarter. Finally, Davis Selected Advisers raised its stake in shares of Wells Fargo by 1.4% in the third quarter. Davis Selected Advisers now owns 26,335,478 shares of the financial services provider’s stock valued at $1,451,064,000 after purchasing an additional 368,667 shares in the last quarter. Institutional investors own 77.33% of the company’s stock.

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Shares of WFC stock opened at $52.23 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23. The firm has a market cap of $258,081.95, a PE ratio of 12.71, a price-to-earnings-growth ratio of 1.39 and a beta of 1.13. Wells Fargo has a 52 week low of $49.27 and a 52 week high of $66.31.

Wells Fargo (NYSE:WFC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.07). The business had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. Wells Fargo’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.96 EPS. equities analysts predict that Wells Fargo will post 4.69 EPS for the current year.

Wells Fargo announced that its Board of Directors has approved a stock repurchase program on Tuesday, January 23rd that allows the company to buyback 350,000,000 outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

WFC has been the subject of a number of recent research reports. Zacks Investment Research upgraded Wells Fargo from a “sell” rating to a “hold” rating in a research note on Tuesday, December 19th. Buckingham Research upgraded Wells Fargo from a “neutral” rating to a “buy” rating and upped their target price for the company from $57.00 to $75.00 in a research note on Thursday, December 21st. They noted that the move was a valuation call. Barclays upped their target price on Wells Fargo from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Sanford C. Bernstein upgraded Wells Fargo from a “market perform” rating to an “outperform” rating and upped their target price for the company from $64.00 to $69.00 in a research note on Wednesday, January 3rd. Finally, BMO Capital Markets restated a “hold” rating and issued a $59.00 target price on shares of Wells Fargo in a research note on Thursday, January 4th. Six research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $62.31.

In other Wells Fargo news, Director Ronald Sargent bought 9,000 shares of the firm’s stock in a transaction dated 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 acquisition, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.09% of the stock is currently owned by corporate insiders.

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Wells Fargo Company Profile

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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Institutional Ownership by Quarter for Wells Fargo (NYSE:WFC)

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