Bush Odonnell Investment Advisors Inc. decreased its position in Wells Fargo (NYSE:WFC) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 98,095 shares of the financial services provider’s stock after selling 7,405 shares during the period. Wells Fargo accounts for approximately 4.8% of Bush Odonnell Investment Advisors Inc.’s investment portfolio, making the stock its 12th largest position. Bush Odonnell Investment Advisors Inc.’s holdings in Wells Fargo were worth $5,951,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of WFC. Beach Investment Management LLC. purchased a new position in shares of Wells Fargo during the 2nd quarter worth approximately $1,010,000. Argent Trust Co boosted its position in Wells Fargo by 3.8% in the 2nd quarter. Argent Trust Co now owns 39,713 shares of the financial services provider’s stock valued at $2,201,000 after buying an additional 1,456 shares during the period. Dearborn Partners LLC boosted its position in Wells Fargo by 1.4% in the 2nd quarter. Dearborn Partners LLC now owns 114,559 shares of the financial services provider’s stock valued at $6,348,000 after buying an additional 1,598 shares during the period. Davis Selected Advisers boosted its position in Wells Fargo by 1.9% in the 2nd quarter. Davis Selected Advisers now owns 25,966,811 shares of the financial services provider’s stock valued at $1,438,821,000 after buying an additional 472,585 shares during the period. Finally, IFM Investors Pty Ltd boosted its position in Wells Fargo by 34.1% in the 2nd quarter. IFM Investors Pty Ltd now owns 129,975 shares of the financial services provider’s stock valued at $7,202,000 after buying an additional 33,035 shares during the period. 77.33% of the stock is owned by institutional investors and hedge funds.
In related news, Director Ronald Sargent purchased 9,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were purchased at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the purchase, the director now directly owns 81 shares of the company’s stock, valued at $4,534.38. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.09% of the stock is owned by company insiders.
Wells Fargo (NYSE:WFC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). Wells Fargo had a return on equity of 12.24% and a net margin of 22.57%. The company had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. Wells Fargo’s revenue was up 2.2% compared to the same quarter last year. equities analysts expect that Wells Fargo will post 4.7 EPS for the current year.
Wells Fargo announced that its Board of Directors has approved a stock buyback program on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several brokerages have commented on WFC. Zacks Investment Research cut shares of Wells Fargo from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Vetr raised shares of Wells Fargo from a “sell” rating to a “hold” rating and set a $54.78 price target for the company in a research report on Monday, February 12th. Morgan Stanley cut shares of Wells Fargo from an “overweight” rating to an “underweight” rating and decreased their price target for the company from $75.00 to $64.00 in a research report on Tuesday, February 6th. UBS set a $63.00 price target on shares of Wells Fargo and gave the company a “hold” rating in a research report on Monday, February 5th. Finally, Vining Sparks reissued a “buy” rating and issued a $68.50 price target on shares of Wells Fargo in a research report on Monday, February 5th. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $62.90.
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About Wells Fargo
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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