Giverny Capital Inc. Has $28.78 Million Position in Wells Fargo & Company (WFC)

Giverny Capital Inc. raised its stake in Wells Fargo & Company (NYSE:WFC) by 0.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 517,016 shares of the financial services provider’s stock after buying an additional 2,689 shares during the period. Wells Fargo & accounts for approximately 4.8% of Giverny Capital Inc.’s portfolio, making the stock its 9th largest position. Giverny Capital Inc.’s holdings in Wells Fargo & were worth $28,777,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Rocky Mountain Advisers LLC boosted its stake in Wells Fargo & by 117.6% in the fourth quarter. Rocky Mountain Advisers LLC now owns 1,850 shares of the financial services provider’s stock valued at $102,000 after buying an additional 1,000 shares in the last quarter. Alexandria Capital LLC boosted its stake in Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after buying an additional 6 shares in the last quarter. Brick & Kyle Associates boosted its stake in Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after buying an additional 162 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new stake in Wells Fargo & during the first quarter valued at approximately $124,000. Finally, Gradient Investments LLC boosted its stake in Wells Fargo & by 58.6% in the first quarter. Gradient Investments LLC now owns 2,494 shares of the financial services provider’s stock valued at $139,000 after buying an additional 921 shares in the last quarter. 76.05% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company (NYSE WFC) opened at 51.68 on Friday. Wells Fargo & Company has a one year low of $43.55 and a one year high of $59.99. The company’s 50-day moving average price is $54.06 and its 200-day moving average price is $54.86. The stock has a market cap of $256.54 billion, a P/E ratio of 12.73 and a beta of 0.95. Wells Fargo & also was the target of unusually large options trading activity on Thursday. Investors purchased 27,464 put options on the stock. This is an increase of approximately 155% compared to the average daily volume of 10,758 put options.

Wells Fargo & (NYSE:WFC) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.05. The business had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 earnings per share. Analysts forecast that Wells Fargo & Company will post $4.17 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.02%. Wells Fargo &’s dividend payout ratio (DPR) is 38.42%.

Wells Fargo & declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that allows the company to buyback $11.50 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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WFC has been the topic of several recent research reports. Berenberg Bank lowered Wells Fargo & from a “hold” rating to a “sell” rating and increased their price target for the stock from $35.00 to $45.00 in a report on Friday, July 21st. Vining Sparks upgraded Wells Fargo & to a “strong-buy” rating and set a $65.00 price target on the stock in a report on Thursday, April 27th. Keefe, Bruyette & Woods reiterated an “overweight” rating on shares of Wells Fargo & in a report on Thursday, July 13th. Buckingham Research restated a “neutral” rating and issued a $62.00 target price (up previously from $60.00) on shares of Wells Fargo & in a report on Monday, July 10th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $62.00 target price on shares of Wells Fargo & in a report on Thursday, June 8th. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Wells Fargo & presently has an average rating of “Hold” and a consensus price target of $55.87.

In other news, insider Hope A. Hardison sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $52.07, for a total transaction of $1,041,400.00. Following the transaction, the insider now directly owns 109 shares of the company’s stock, valued at $5,675.63. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Petros G. Pelos sold 24,708 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $54.07, for a total transaction of $1,335,961.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 131,278 shares of company stock worth $6,940,120. Corporate insiders own 0.22% of the company’s stock.

About Wells Fargo &

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 & (NYSE:WFC)

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