Wells Fargo & Co (NYSE:WFC) Shares Sold by Hayek Kallen Investment Management

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Hayek Kallen Investment Management lessened its stake in shares of Wells Fargo & Co (NYSE:WFC) by 3.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,611 shares of the financial services provider’s stock after selling 362 shares during the quarter. Hayek Kallen Investment Management’s holdings in Wells Fargo & Co were worth $586,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in WFC. Bath Savings Trust Co boosted its holdings in Wells Fargo & Co by 7.4% in the second quarter. Bath Savings Trust Co now owns 4,529 shares of the financial services provider’s stock worth $214,000 after acquiring an additional 312 shares in the last quarter. Thomasville National Bank increased its holdings in Wells Fargo & Co by 1.3% during the 2nd quarter. Thomasville National Bank now owns 53,713 shares of the financial services provider’s stock worth $2,542,000 after purchasing an additional 714 shares during the period. Bright Rock Capital Management LLC increased its holdings in Wells Fargo & Co by 19.5% during the 2nd quarter. Bright Rock Capital Management LLC now owns 208,215 shares of the financial services provider’s stock worth $9,853,000 after purchasing an additional 34,000 shares during the period. Beese Fulmer Investment Management Inc. increased its holdings in Wells Fargo & Co by 1.8% during the 2nd quarter. Beese Fulmer Investment Management Inc. now owns 107,828 shares of the financial services provider’s stock worth $5,102,000 after purchasing an additional 1,925 shares during the period. Finally, Rockland Trust Co. increased its holdings in Wells Fargo & Co by 8.7% during the 2nd quarter. Rockland Trust Co. now owns 409,345 shares of the financial services provider’s stock worth $19,370,000 after purchasing an additional 32,697 shares during the period. Hedge funds and other institutional investors own 75.13% of the company’s stock.

Several equities research analysts have weighed in on WFC shares. Robert W. Baird downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 price target on the stock. in a report on Monday, September 30th. Bank of America set a $50.00 price target on Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday, September 30th. UBS Group downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price target for the stock from $51.00 to $49.00 in a report on Tuesday, September 10th. Credit Suisse Group upped their price target on Wells Fargo & Co from $52.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday, October 4th. Finally, Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $54.00 to $47.00 in a report on Wednesday, July 17th. Four equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $49.75.

Shares of NYSE:WFC traded up $0.10 on Friday, hitting $54.10. 14,545,399 shares of the company’s stock were exchanged, compared to its average volume of 20,816,832. The firm’s 50-day moving average is $50.39 and its 200 day moving average is $47.60. The company has a market capitalization of $225.42 billion, a PE ratio of 12.35, a P/E/G ratio of 1.11 and a beta of 1.11. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $55.04. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.23). The business had revenue of $22.01 billion for the quarter, compared to analyst estimates of $21.32 billion. Wells Fargo & Co had a return on equity of 13.01% and a net margin of 21.67%. The company’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.13 earnings per share. On average, analysts anticipate that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, November 7th. This represents a $2.04 annualized dividend and a dividend yield of 3.77%. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.

Wells Fargo & Co declared that its board has initiated a stock buyback program on Tuesday, July 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Wells Fargo & Co Company Profile

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.

Further Reading: Bond

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

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