Wells Fargo & Co (WFC) Shares Bought by First Republic Investment Management Inc.

First Republic Investment Management Inc. increased its stake in Wells Fargo & Co (NYSE:WFC) by 0.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 771,612 shares of the financial services provider’s stock after purchasing an additional 2,175 shares during the period. First Republic Investment Management Inc.’s holdings in Wells Fargo & Co were worth $40,556,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in 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 worth $2,388,296,000 after buying an additional 1,874,789 shares in the last quarter. Primecap Management Co. CA lifted its position in Wells Fargo & Co by 47.1% during the 3rd quarter. Primecap Management Co. CA now owns 38,512,187 shares of the financial services provider’s stock worth $2,024,201,000 after buying an additional 12,337,098 shares in the last quarter. 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 worth $1,724,389,000 after buying an additional 78,797 shares in the last quarter. 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 worth $1,176,604,000 after buying an additional 2,372,583 shares in the last quarter. Finally, 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 worth $937,526,000 after buying an additional 372,355 shares in the last quarter. 73.02% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have commented on WFC. Credit Suisse Group cut their price target on shares of Wells Fargo & Co from $62.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday. Citigroup raised shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a report on Friday, November 2nd. ValuEngine raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th. BMO Capital Markets upped their target price on shares of Wells Fargo & Co to $65.00 and gave the company a “market perform” rating in a report on Monday, October 15th. Finally, Nomura dropped their target price on shares of Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating on the stock in a report on Monday, October 15th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $63.61.

Shares of WFC stock opened at $50.26 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $252.57 billion, a PE ratio of 12.23, a PEG ratio of 1.03 and a beta of 1.00. 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 Zacks’ consensus estimate of $1.17 by ($0.04). The firm had revenue of $21.94 billion during the quarter, compared to the consensus estimate of $21.90 billion. Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. As a group, equities analysts forecast that Wells Fargo & Co will post 4.5 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Friday, November 9th were issued a $0.43 dividend. The ex-dividend date was Thursday, November 8th. This represents a $1.72 annualized dividend and a yield of 3.42%. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.

Wells Fargo & Co declared that its board has authorized a stock buyback plan on Tuesday, October 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

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About Wells Fargo & Co

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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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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