Summit Financial Wealth Advisors LLC Increases Position in Wells Fargo & Company (WFC)

Summit Financial Wealth Advisors LLC boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 37.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,924 shares of the financial services provider’s stock after acquiring an additional 7,851 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in Wells Fargo & Company were worth $1,603,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in WFC. Boston Partners grew its stake in shares of Wells Fargo & Company by 140.1% in the 2nd quarter. Boston Partners now owns 19,088,621 shares of the financial services provider’s stock valued at $1,057,700,000 after buying an additional 11,139,780 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Wells Fargo & Company by 26.7% in 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 buying an additional 6,291,906 shares during the period. Vanguard Group Inc. grew its stake in shares of Wells Fargo & Company by 1.2% in 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 buying an additional 3,621,402 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Wells Fargo & Company by 28.1% in the 2nd quarter. Hotchkis & Wiley Capital Management LLC now owns 12,441,510 shares of the financial services provider’s stock valued at $689,384,000 after buying an additional 2,727,953 shares during the period. Finally, APG Asset Management N.V. grew its stake in shares of Wells Fargo & Company by 38.8% in the 2nd quarter. APG Asset Management N.V. now owns 9,587,279 shares of the financial services provider’s stock valued at $531,231,000 after buying an additional 2,681,497 shares during the period. 75.77% of the stock is owned by institutional investors.

WFC has been the subject of several analyst reports. Robert W. Baird reissued a “buy” rating and issued a $58.00 price target on shares of Wells Fargo & Company in a research note on Tuesday, September 5th. Keefe, Bruyette & Woods set a $61.00 price target on shares of Wells Fargo & Company and gave the company a “buy” rating in a research note on Friday, August 25th. Instinet reissued a “buy” rating and issued a $65.00 price target (up previously from $64.00) on shares of Wells Fargo & Company in a research note on Saturday, September 30th. Nomura increased their price target on shares of Wells Fargo & Company from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, September 28th. Finally, Citigroup restated a “buy” rating and issued a $65.00 price objective (up from $60.00) on shares of Wells Fargo & Company in a report on Monday, October 9th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company. Wells Fargo & Company has an average rating of “Hold” and a consensus price target of $57.25.

In other Wells Fargo & Company news, insider John R. Shrewsberry sold 70,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total transaction of $3,983,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael J. Loughlin sold 17,482 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $57.80, for a total transaction of $1,010,459.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,482 shares of company stock worth $10,471,050. 0.22% of the stock is owned by company insiders.

Wells Fargo & Company (WFC) traded down $0.05 during trading on Friday, reaching $59.31. 21,749,452 shares of the company’s stock were exchanged, compared to its average volume of 20,635,358. The firm has a market cap of $292,304.13, a price-to-earnings ratio of 14.34, a PEG ratio of 1.43 and a beta of 0.96. Wells Fargo & Company has a 12 month low of $49.27 and a 12 month high of $60.00. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.89 and a current ratio of 0.91.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). The business had revenue of $21.93 billion for the quarter, compared to analyst estimates of $22.30 billion. Wells Fargo & Company had a return on equity of 12.59% and a net margin of 22.00%. Wells Fargo & Company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.03 earnings per share. analysts predict that Wells Fargo & Company will post 3.97 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 3rd were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, November 2nd. This represents a $1.56 dividend on an annualized basis and a yield of 2.63%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 40.31%.

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Wells Fargo & Company Profile

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.

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

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