Elo Mutual Pension Insurance Co Lowers Stake in Wells Fargo & Company (NYSE:WFC)

Elo Mutual Pension Insurance Co cut its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 8.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 302,693 shares of the financial services provider's stock after selling 29,137 shares during the quarter. Elo Mutual Pension Insurance Co's holdings in Wells Fargo & Company were worth $17,977,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in WFC. 1832 Asset Management L.P. raised its holdings in shares of Wells Fargo & Company by 67.1% in the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider's stock valued at $339,226,000 after buying an additional 2,349,595 shares during the last quarter. Morningstar Investment Services LLC raised its stake in Wells Fargo & Company by 103.7% during the 4th quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider's stock valued at $189,684,000 after acquiring an additional 1,951,477 shares during the last quarter. Rokos Capital Management LLP lifted its position in Wells Fargo & Company by 141.6% during the 1st quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider's stock worth $151,853,000 after acquiring an additional 1,536,152 shares during the period. Mn Services Vermogensbeheer B.V. purchased a new position in shares of Wells Fargo & Company in the 1st quarter valued at approximately $84,819,000. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Wells Fargo & Company by 38.1% in the first quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider's stock valued at $297,411,000 after purchasing an additional 1,415,647 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

NYSE WFC traded down $0.25 during trading hours on Wednesday, reaching $54.26. The company's stock had a trading volume of 19,816,083 shares, compared to its average volume of 18,009,309. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The company's 50-day moving average is $56.39 and its two-hundred day moving average is $57.92. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55. The stock has a market cap of $189.17 billion, a PE ratio of 11.24, a PEG ratio of 1.27 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. During the same quarter in the prior year, the firm earned $1.25 earnings per share. The company's revenue for the quarter was up .8% compared to the same quarter last year. Analysts forecast that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a dividend of $0.40 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. This represents a $1.60 annualized dividend and a yield of 2.95%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 32.85%.

Wall Street Analyst Weigh In

WFC has been the topic of a number of analyst reports. Jefferies Financial Group lowered shares of Wells Fargo & Company to a "hold" rating and lowered their price objective for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Evercore ISI lowered their target price on shares of Wells Fargo & Company from $67.00 to $65.00 and set an "outperform" rating on the stock in a report on Friday, September 6th. Keefe, Bruyette & Woods cut their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a "market perform" rating for the company in a report on Monday, July 15th. The Goldman Sachs Group lowered their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, September 11th. Finally, Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $65.00 target price for the company in a research note on Tuesday, September 3rd. Twelve analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of "Hold" and a consensus target price of $60.29.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.