Markets

Wells Fargo & Company (WFC) Board of Directors Announces Stock Buyback Program

Wells Fargo & Company (WFC) Board of Directors Announces Stock Buyback Program

Other large investors also recently made changes to their positions in the company.

"Wells Fargo wants to quit volume and share in order to protect its balance sheet from credit threat", stated Franklin Codel, the bank's head of consumer lending, during the bank's investor day in May. The correct version of this story can be viewed at https://www.chaffeybreeze.com/2017/07/14/wells-fargo-co-wfc-shares-sold-by-vigilant-capital-management-llc.html. The firm owned 65,766 shares of the financial services provider's stock at the end of the first quarter. FIL Ltd boosted its stake in Wells Fargo & Co by 230.5% in the fourth quarter. FIL Ltd now owns 8,182,986 shares of the financial services provider's stock worth $450,964,000 after buying an additional 5,706,977 shares in the last quarter. Norges Bank acquired a new stake in Wells Fargo & Co during the fourth quarter valued at about $2,800,566,000. 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. Frontier Wealth Management LLC raised its position in Wells Fargo & Company by 33.5% in the fourth quarter. Abrams Capital Management L.P. now owns 3,342,343 shares of the financial services provider's stock worth $184,197,000 after buying an additional 572,343 shares in the last quarter. Investor attention will be focused on the ETF's highs of $25.30, and a strong report from the bank stocks on Friday will serve as a break-out catalyst.

Wells Fargo & Co (WFC) opened at 55.60 on Friday. Wells Fargo & Company has $67 highest and $44 lowest target.

On 13 July 2017, Regions Financial Corporation (NYSE:RF) stock price started the day at $14.68 and moved between $14.61 - 14.85 to finally close at $14.82.RF's distance from 20 day simple moving average is 2.99% and distance from 50-Day simple moving average is 4.27%.

The stock decreased 0.08% or $0.01 during the last trading session, reaching $11.87. Mack Mary T also sold $2.05 million worth of Wells Fargo & Co (NYSE:WFC) on Thursday, June 8. Sawgrass Asset Management Limited Liability has 0.14% invested in Wells Fargo & Co (NYSE:WFC) for 54,179 shares. The business had revenue of $22 billion during the quarter, compared to analysts' expectations of $22.25 billion. They expect $1.04 earnings per share, up 2.97% or $0.03 from last year's $1.01 per share. The company's quarterly revenue was down.9% on a year-over-year basis. On average, equities research analysts forecast that Wells Fargo & Co will post $4.14 EPS for the current fiscal year.




TRADEMARK VIOLATION WARNING: "Wells Fargo & Company (WFC) Board of Directors Announces Stock Buyback Program" was reported by BNB Daily and is the property of of BNB Daily. If you are accessing this story on another website, it was stolen and republished in violation of United States and worldwide copyright and trademark laws. About shares traded. Wells Fargo & Co (NYSE:WFC) has risen 9.67% since July 14, 2016 and is uptrending. The stock of Wells Fargo & Co (NYSE:WFC) has "Sell" rating given on Thursday, September 15 by UBS.

On November 28 the company was set at "Hold" in a report from Jefferies a cut from the previous "Buy" rating. Azimuth Capital Mgmt Ltd Liability Com has invested 0.62% in Wells Fargo & Co (NYSE:WFC).

The company reported a gain of 4 cents per share from the sale of the insurance business to USI Insurance Services, which Wells Fargo announced in late June. Evercore ISI reduced their price target on Wells Fargo & Co from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Friday, May 12th. Analysts surveyed expected $22.47 billion.

Akre Capital Management Llc decreased Colfax Corp (CFX) stake by 22.95% reported in 2016Q4 SEC filing.

In related news, insider Avid Modjtabai sold 100,000 shares of Wells Fargo & Co stock in a transaction dated Friday, April 28th. Starboard Value Lp, a New York-based fund reported 2.45 million shares. Following the purchase, the chief executive officer now owns 754,581 shares of the company's stock, valued at approximately $38,974,108.65. The disclosure for this purchase can be found here.


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