Financial Advisors Network Inc. Reduces Stake in Wells Fargo & Co (NYSE:WFC)

Financial Advisors Network Inc. lowered its position in shares of Wells Fargo & Co (NYSE:WFC) by 40.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,851 shares of the financial services provider’s stock after selling 5,895 shares during the quarter. Financial Advisors Network Inc.’s holdings in Wells Fargo & Co were worth $393,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of WFC. Olstein Capital Management L.P. raised its stake in Wells Fargo & Co by 3.6% in the fourth quarter. Olstein Capital Management L.P. now owns 142,900 shares of the financial services provider’s stock valued at $6,585,000 after purchasing an additional 4,900 shares in the last quarter. Summit Wealth & Retirement Planning Inc. acquired a new position in Wells Fargo & Co in the fourth quarter valued at about $273,000. Commonwealth Bank of Australia raised its stake in Wells Fargo & Co by 12.8% in the fourth quarter. Commonwealth Bank of Australia now owns 873,051 shares of the financial services provider’s stock valued at $40,225,000 after purchasing an additional 99,250 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Wells Fargo & Co by 72.1% in the first quarter. Assenagon Asset Management S.A. now owns 34,115 shares of the financial services provider’s stock valued at $1,648,000 after purchasing an additional 14,291 shares in the last quarter. Finally, Ruggie Capital Group acquired a new position in Wells Fargo & Co in the fourth quarter valued at about $80,000. 75.38% of the stock is owned by institutional investors.

A number of research firms recently commented on WFC. Zacks Investment Research downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Wednesday, May 22nd. Deutsche Bank dropped their price target on Wells Fargo & Co from $48.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, May 21st. ValuEngine raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, March 19th. Buckingham Research downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their price target for the company from $65.00 to $53.00 in a research note on Monday, April 15th. Finally, BMO Capital Markets dropped their price target on Wells Fargo & Co from $65.00 to $63.00 and set a “market perform” rating for the company in a research note on Monday, April 15th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $55.39.

Wells Fargo & Co stock traded up $0.30 during midday trading on Friday, reaching $45.59. The company’s stock had a trading volume of 16,147,536 shares, compared to its average volume of 16,275,480. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $59.53. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.35. The stock has a market cap of $204.90 billion, a PE ratio of 10.41, a P/E/G ratio of 0.87 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. The firm had revenue of $21.61 billion for the quarter, compared to analysts’ expectations of $20.89 billion. During the same quarter in the previous year, the business posted $0.96 earnings per share. As a group, analysts expect that Wells Fargo & Co will post 4.72 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.

In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of Wells Fargo & Co stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the transaction, the insider now owns 3,066 shares in the company, valued at $142,599.66. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.08% of the company’s stock.

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Wells Fargo & Co 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.

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

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