Wells Fargo's Return of Capital.
Wells Fargo's shares have now returned 24% year-to-date, following a 10% decline during 2011. The shares trade for 1.6 times tangible book value, according to Thomson Reuters Bank Insight, and for nine times the consensus 2013 EPS estimate of $3.63. The consensus 2014 EPS estimate is $3.94. Based on a quarterly payout of 22 cents, the shares have a dividend yield of 2.65%. Wells Fargo trades much higher to tangible book value than most other large-cap bank stocks in the current environment, reflecting its strong and consistent earnings performance. Over the past five quarters, the company's operating returns on average assets have ranged between 1.27% and 1.46%, and its returns on average tangible common equity have ranged between 15.59% and 16.85%, according to Thomson Reuters Bank Insight.