Carnick & Kubik Group LLC Trims Position in Wells Fargo & Co (WFC)

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Carnick & Kubik Group LLC cut its position in shares of Wells Fargo & Co (NYSE:WFC) by 60.5% in the 2nd quarter, Holdings Channel reports. The firm owned 11,414 shares of the financial services provider’s stock after selling 17,501 shares during the period. Carnick & Kubik Group LLC’s holdings in Wells Fargo & Co were worth $633,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Coyle Financial Counsel LLC acquired a new position in shares of Wells Fargo & Co in the first quarter worth $101,000. Turim 21 Investimentos Ltda. acquired a new position in shares of Wells Fargo & Co in the first quarter worth $177,000. Stelac Advisory Services LLC raised its holdings in shares of Wells Fargo & Co by 99.3% in the first quarter. Stelac Advisory Services LLC now owns 3,581 shares of the financial services provider’s stock worth $188,000 after acquiring an additional 1,784 shares during the last quarter. Diligent Investors LLC acquired a new position in shares of Wells Fargo & Co in the second quarter worth $200,000. Finally, Ackerman Capital Advisors LLC acquired a new position in shares of Wells Fargo & Co in the fourth quarter worth $202,000. 75.77% of the stock is owned by hedge funds and other institutional investors.

In other Wells Fargo & Co news, EVP Hope A. Hardison sold 25,000 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the sale, the executive vice president now owns 109 shares of the company’s stock, valued at $6,323.09. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Avid Modjtabai sold 100,000 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $58.71, for a total value of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by insiders.

Shares of NYSE:WFC opened at $58.46 on Friday. The firm has a market capitalization of $288.28 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.60 and a beta of 1.13. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.22. Wells Fargo & Co has a 52 week low of $49.27 and a 52 week high of $66.31.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Friday, July 13th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.04). Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. The firm had revenue of $21.55 billion for the quarter, compared to analysts’ expectations of $21.52 billion. research analysts anticipate that Wells Fargo & Co will post 4.56 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, September 1st. Shareholders of record on Friday, August 10th will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Thursday, August 9th. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.39. Wells Fargo & Co’s payout ratio is 41.85%.

A number of equities analysts have recently weighed in on the company. Zacks Investment Research cut Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Morgan Stanley cut their price target on Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating for the company in a report on Monday, July 16th. Susquehanna Bancshares set a $63.00 price target on Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 13th. Finally, Keefe, Bruyette & Woods raised Wells Fargo & Co from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $57.00 to $63.00 in a report on Sunday, July 15th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $63.34.

About Wells Fargo & Co

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

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