Wells Fargo & Company (WFC) Position Lowered by Grand Jean Capital Management Inc.

Grand Jean Capital Management Inc. decreased its stake in Wells Fargo & Company (NYSE:WFC) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 152,738 shares of the financial services provider’s stock after selling 2,994 shares during the period. Wells Fargo & Company makes up 3.2% of Grand Jean Capital Management Inc.’s investment portfolio, making the stock its 15th largest holding. Grand Jean Capital Management Inc.’s holdings in Wells Fargo & Company were worth $8,463,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rockland Trust Co. raised its position in Wells Fargo & Company by 0.6% during the second quarter. Rockland Trust Co. now owns 316,530 shares of the financial services provider’s stock worth $17,539,000 after acquiring an additional 1,856 shares during the last quarter. Heartland Advisors Inc. raised its position in Wells Fargo & Company by 3.9% during the second quarter. Heartland Advisors Inc. now owns 272,548 shares of the financial services provider’s stock worth $15,102,000 after acquiring an additional 10,318 shares during the last quarter. Kelman Lazarov Inc. raised its position in Wells Fargo & Company by 6.0% during the second quarter. Kelman Lazarov Inc. now owns 64,172 shares of the financial services provider’s stock worth $3,556,000 after acquiring an additional 3,612 shares during the last quarter. First Citizens Bank & Trust Co. raised its position in Wells Fargo & Company by 4.7% during the second quarter. First Citizens Bank & Trust Co. now owns 103,269 shares of the financial services provider’s stock worth $5,722,000 after acquiring an additional 4,647 shares during the last quarter. Finally, Viking Fund Management LLC raised its position in Wells Fargo & Company by 3.7% during the second quarter. Viking Fund Management LLC now owns 56,000 shares of the financial services provider’s stock worth $3,103,000 after acquiring an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 75.77% of the company’s stock.

In related news, insider John R. Shrewsberry sold 70,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total value of $3,983,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael J. Loughlin sold 17,482 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The shares were 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 90 days, insiders sold 184,482 shares of company stock valued at $10,471,050. 0.22% of the stock is owned by insiders.

WFC has been the subject of a number of research reports. Vetr cut shares of Wells Fargo & Company from a “hold” rating to a “sell” rating and set a $54.49 target price for the company. in a research report on Thursday, November 2nd. UBS restated a “neutral” rating and set a $56.00 target price (down previously from $59.00) on shares of Wells Fargo & Company in a research report on Friday, September 15th. Zacks Investment Research upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Thursday, October 12th. Piper Jaffray Companies restated a “neutral” rating and set a $50.00 target price (down previously from $52.00) on shares of Wells Fargo & Company in a research report on Wednesday, September 13th. Finally, Robert W. Baird restated a “buy” rating and set a $58.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, September 5th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Wells Fargo & Company has a consensus rating of “Hold” and a consensus price target of $57.25.

Wells Fargo & Company (NYSE WFC) traded down $0.05 during trading on Friday, reaching $59.31. 21,749,452 shares of the company were exchanged, compared to its average volume of 20,635,358. Wells Fargo & Company has a 52-week low of $49.27 and a 52-week high of $60.00. The stock has a market capitalization of $292,304.13, a P/E ratio of 14.34, a price-to-earnings-growth ratio of 1.43 and a beta of 0.96. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32.

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 analysts’ consensus estimates of $1.04 by ($0.20). Wells Fargo & Company had a net margin of 22.00% and a return on equity of 12.59%. The company had revenue of $21.93 billion during the quarter, compared to analysts’ expectations of $22.30 billion. During the same quarter in the previous year, the firm posted $1.03 earnings per share. Wells Fargo & Company’s revenue for the quarter was down 1.8% compared to the same quarter last year. analysts anticipate that Wells Fargo & Company will post 3.97 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 3rd were issued a $0.39 dividend. 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 payout ratio is 40.31%.

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Wells Fargo & Company 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.

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

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