Buffett likely voted shares to back Wells Fargo board

Cornelia Mascio
Aprile 20, 2017

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Among 29 analysts covering Wells Fargo & Company (NYSE:WFC), 12 have Buy rating, 5 Sell and 12 Hold. Wells Fargo & Co now has a consensus rating of "Hold" and an average price target of $54.01. The current share price indicates that stock is -1.73% away from its one year high and is moving 32.59% ahead of its 52-week low. They now have a $56.00 price objective on the financial services provider's stock, down from their prior price objective of $58.55. The stock had a trading volume of 17,269,287 shares.

Zacks offers analysts with an Average Broker Rating (or ABR), basing it on sell-side recommendations.

Those include reinstating most of the board's directors, including Chairman Stephen Sanger. The shares were purchased at an average price of $51.65 per share, with a total value of $2,014,350.00. In the absence of share repurchases, EPS would have been flat. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. The insider CARROLL DAVID M sold $6.95 million. The stock was sold at an average price of $59.02, for a total value of $6,946,890.08. The disclosure for this sale can be found here. Institutional investors and hedge funds own 73.25% of the company's stock. Rocky Mountain Advisers LLC boosted its stake in shares of Wells Fargo & Co by 117.6% in the fourth quarter. Acadian Asset Management LLC now owns 2,511,003 shares of the financial services provider's stock worth $111,188,000 after buying an additional 1,240,585 shares during the last quarter.

Wells Fargo's new chief executive officer and its chairman together bought $5 million worth of stock on Monday, just days after shares skidded on mixed earnings results. Sarasin & Partners LLP now owns 2,210,545 shares of the financial services provider's stock worth $97,883,000 after buying an additional 813,072 shares during the last quarter. Gillespie Robinson Grimm Inc reported 4.07% of its portfolio in Wells Fargo & Co (NYSE:WFC). CWM LLC now owns 181,721 shares of the financial services provider's stock worth $8,047,000 after buying an additional 17,701 shares during the last quarter. Finally, Cable Hill Partners LLC increased its stake in shares of Wells Fargo & Co by 10.5% in the third quarter. The firm has a 50-day moving average of $56.27 and a 200 day moving average of $53.52. The financial services provider reported $1.00 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $0.97 by $0.03. Wells Fargo & Company had a return on equity of 12.60% and a net margin of 23.30%. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $22.25 billion.

Wells Fargo's loans (average as well as period-end numbers) are up significantly year over year, but that tells only half the story - on a quarter to quarter basis the numbers look much less compelling. The stock of Wells Fargo & Co (NYSE:WFC) has "Outperform" rating given on Monday, September 19 by Robert W. Baird. Equities research analysts expect that Wells Fargo & Co will post $4.19 earnings per share for the current fiscal year. If you are accessing this piece on another domain, it was copied illegally and reposted in violation of USA & global copyright laws. Barclays Capital maintained Wells Fargo & Co (NYSE:WFC) on Tuesday, January 3 with "Overweight" rating.

Within the past few weeks, the OCC has removed its top Wells Fargo inspector from his duties monitoring the bank, a person familiar with the matter previously told CNNMoney. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating divisions: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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