Cadence Capital Management LLC lifted its stake in Wells Fargo & Co (NYSE:WFC) by 5.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 265,733 shares of the financial services provider’s stock after purchasing an additional 13,113 shares during the period. Wells Fargo & Co accounts for about 0.8% of Cadence Capital Management LLC’s investment portfolio, making the stock its 21st biggest holding. Cadence Capital Management LLC’s holdings in Wells Fargo & Co were worth $13,967,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in Wells Fargo & Co by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 43,088,636 shares of the financial services provider’s stock valued at $2,388,296,000 after acquiring an additional 1,874,789 shares during the period. Magellan Asset Management Ltd lifted its position in Wells Fargo & Co by 0.3% during the 2nd quarter. Magellan Asset Management Ltd now owns 31,103,695 shares of the financial services provider’s stock valued at $1,724,389,000 after acquiring an additional 78,797 shares during the period. Boston Partners lifted its position in Wells Fargo & Co by 12.6% during the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock valued at $1,176,604,000 after acquiring an additional 2,372,583 shares during the period. Schwab Charles Investment Management Inc. lifted its position in Wells Fargo & Co by 2.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 16,910,637 shares of the financial services provider’s stock valued at $937,526,000 after acquiring an additional 372,355 shares during the period. Finally, Sanders Capital LLC purchased a new position in Wells Fargo & Co during the 2nd quarter valued at about $952,809,000. 77.50% 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 Wells Fargo & Co stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $58.01, for a total value of $1,450,250.00. Following the completion of the transaction, the executive vice president now directly owns 109 shares of the company’s stock, valued at $6,323.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Avid Modjtabai sold 100,000 shares of Wells Fargo & Co stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by insiders.
A number of research analysts recently issued reports on WFC shares. Susquehanna Bancshares set a $63.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 13th. Zacks Investment Research cut shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Sunday, July 15th. Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $57.00 to $63.00 in a research report on Sunday, July 15th. They noted that the move was a valuation call. Morgan Stanley lowered their price target on shares of Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating for the company in a research report on Monday, July 16th. Finally, Macquarie cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the stock. Wells Fargo & Co presently has a consensus rating of “Buy” and a consensus price target of $63.79.
Shares of Wells Fargo & Co stock opened at $53.04 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market capitalization of $261.20 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 1.07 and a beta of 1.01. Wells Fargo & Co has a 52-week low of $50.02 and a 52-week high of $66.31.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.04). The firm had revenue of $21.94 billion during the quarter, compared to analysts’ expectations of $21.90 billion. Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. As a group, research analysts predict that Wells Fargo & Co will post 4.5 EPS for the current year.
Wells Fargo & Co announced that its Board of Directors has approved a share repurchase program on Tuesday, October 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Friday, November 9th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.72 annualized dividend and a yield of 3.24%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 41.85%.
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Wells Fargo & Co Company Profile
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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