Wells Fargo & Co (NYSE:WFC) Position Cut by Eliot Finkel Investment Counsel LLC

Eliot Finkel Investment Counsel LLC trimmed its stake in Wells Fargo & Co (NYSE:WFC) by 1.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 100,210 shares of the financial services provider’s stock after selling 1,860 shares during the period. Wells Fargo & Co comprises 3.9% of Eliot Finkel Investment Counsel LLC’s holdings, making the stock its 9th biggest holding. Eliot Finkel Investment Counsel LLC’s holdings in Wells Fargo & Co were worth $5,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. First Financial Bank Trust Division lifted its position in shares of Wells Fargo & Co by 1.7% in the 2nd quarter. First Financial Bank Trust Division now owns 125,220 shares of the financial services provider’s stock worth $6,938,000 after purchasing an additional 2,036 shares during the period. Banced Corp raised its stake in shares of Wells Fargo & Co by 7.2% during the 2nd quarter. Banced Corp now owns 3,911 shares of the financial services provider’s stock worth $217,000 after acquiring an additional 262 shares in the last quarter. Narwhal Capital Management raised its stake in shares of Wells Fargo & Co by 33.7% during the 2nd quarter. Narwhal Capital Management now owns 85,035 shares of the financial services provider’s stock worth $4,712,000 after acquiring an additional 21,450 shares in the last quarter. Pennsylvania Trust Co raised its stake in shares of Wells Fargo & Co by 7.1% during the 2nd quarter. Pennsylvania Trust Co now owns 186,376 shares of the financial services provider’s stock worth $10,335,000 after acquiring an additional 12,282 shares in the last quarter. Finally, Stokes & Hubbell Capital Management LLC raised its stake in shares of Wells Fargo & Co by 0.9% during the 2nd quarter. Stokes & Hubbell Capital Management LLC now owns 51,269 shares of the financial services provider’s stock worth $2,841,000 after acquiring an additional 456 shares in the last quarter. 76.00% of the stock is owned by institutional investors.

In other news, VP Richard Levy sold 97,000 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $56.47, for a total value of $5,477,590.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John R. Shrewsberry sold 70,000 shares of the company’s stock in a transaction 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 disclosure for this sale can be found here. Insiders sold a total of 184,482 shares of company stock worth $10,471,050 over the last ninety days. Insiders own 0.22% of the company’s stock.

Several research analysts recently commented on the stock. Morgan Stanley reiterated an “average” rating and set a $400.00 price objective (up previously from $1.95) on shares of Wells Fargo & Co in a research note on Tuesday, February 6th. Zacks Investment Research lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Tuesday. UBS Group set a $63.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Monday, February 5th. Vetr upgraded shares of Wells Fargo & Co from a “strong sell” rating to a “sell” rating and set a $54.78 price objective for the company in a research note on Monday, February 5th. Finally, Royal Bank of Canada lowered shares of Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $76.34.

Wells Fargo & Co (NYSE WFC) traded up $1.55 during mid-day trading on Wednesday, hitting $59.55. 22,886,836 shares of the stock traded hands, compared to its average volume of 25,680,000. The stock has a market cap of $293,240.00, a P/E ratio of 14.42, a P/E/G ratio of 1.48 and a beta of 1.01. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $66.31.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same period last year, the company earned $0.96 earnings per share. equities analysts forecast that Wells Fargo & Co will post 4.72 earnings per share for the current year.

Wells Fargo & Co announced that its Board of Directors has initiated a share buyback program on Tuesday, January 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 37.77%.

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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.

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

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