Marsico Capital Management LLC Sells 26,114 Shares of Wells Fargo & Company (NYSE:WFC)
Marsico Capital Management LLC lowered its stake in Wells Fargo & Company (NYSE:WFC) by 2.1% during the first quarter, Holdings Channel reports. The firm owned 1,203,551 shares of the financial services provider’s stock after selling 26,114 shares during the period. Wells Fargo & comprises approximately 2.9% of Marsico Capital Management LLC’s investment portfolio, making the stock its 11th largest position. Marsico Capital Management LLC’s holdings in Wells Fargo & were worth $66,990,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in the company. Dodge & Cox acquired a new stake in shares of Wells Fargo & during the fourth quarter valued at $3,942,119,000. Norges Bank acquired a new stake in shares of Wells Fargo & during the fourth quarter valued at $2,800,566,000. Harris Associates L P increased its stake in shares of Wells Fargo & by 1.2% in the first quarter. Harris Associates L P now owns 23,796,125 shares of the financial services provider’s stock valued at $1,324,492,000 after buying an additional 286,710 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Wells Fargo & by 3.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 14,311,805 shares of the financial services provider’s stock valued at $796,596,000 after buying an additional 423,113 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Wells Fargo & by 0.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,415,854 shares of the financial services provider’s stock valued at $746,726,000 after buying an additional 93,236 shares during the period. Institutional investors and hedge funds own 75.85% of the company’s stock.
Wells Fargo & Company (NYSE WFC) traded down 0.34% on Thursday, reaching $52.61. 3,210,643 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $54.30 and a 200-day moving average of $55.04. The firm has a market capitalization of $261.15 billion, a price-to-earnings ratio of 12.96 and a beta of 0.95. Wells Fargo & Company has a 12 month low of $43.55 and a 12 month high of $59.99.
Wells Fargo & (NYSE:WFC) last issued its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The company had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. During the same quarter last year, the firm earned $1.01 EPS. The company’s revenue for the quarter was up .2% on a year-over-year basis. On average, equities analysts expect that Wells Fargo & Company will post $4.17 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 4th will be paid a dividend of $0.39 per share. This is a positive change from Wells Fargo &’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $1.56 annualized dividend and a yield of 2.96%. Wells Fargo &’s dividend payout ratio (DPR) is presently 38.42%.
Wells Fargo & announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.
WARNING: This article was published by Daily Political and is the property of of Daily Political. If you are accessing this article on another domain, it was illegally stolen and republished in violation of United States & international copyright legislation. The original version of this article can be read at https://www.dailypolitical.com/2017/08/10/marsico-capital-management-llc-sells-26114-shares-of-wells-fargo-company-nysewfc.html.
WFC has been the subject of several recent research reports. Berenberg Bank downgraded shares of Wells Fargo & from a “hold” rating to a “sell” rating and increased their target price for the stock from $35.00 to $45.00 in a research note on Friday, July 21st. Evercore ISI restated an “outperform” rating and issued a $64.00 price objective on shares of Wells Fargo & in a research report on Tuesday, April 18th. Vining Sparks upgraded shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 price objective for the company in a research report on Thursday, April 27th. Keefe, Bruyette & Woods restated an “overweight” rating on shares of Wells Fargo & in a research report on Thursday, July 13th. Finally, Buckingham Research restated a “neutral” rating and issued a $62.00 price objective (up previously from $60.00) on shares of Wells Fargo & in a research report on Monday, July 10th. Six equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Wells Fargo & currently has a consensus rating of “Hold” and a consensus target price of $55.87.
In related news, insider Mary T. Mack sold 38,988 shares of Wells Fargo & stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $52.58, for a total transaction of $2,049,989.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Hope A. Hardison sold 20,000 shares of Wells Fargo & stock in a transaction that occurred on Wednesday, June 7th. The stock was 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 in the company, valued at approximately $5,675.63. The disclosure for this sale can be found here. Insiders have sold a total of 131,278 shares of company stock worth $6,940,120 in the last three months. 0.22% of the stock is owned by insiders.
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.
Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC).
Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.