Handelsbanken Fonder AB Decreases Stake in Wells Fargo & Company (NYSE:WFC)

Handelsbanken Fonder AB cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,200,799 shares of the financial services provider's stock after selling 10,529 shares during the quarter. Handelsbanken Fonder AB's holdings in Wells Fargo & Company were worth $67,833,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. John W. Brooker & Co. CPAs grew its holdings in Wells Fargo & Company by 2.5% during the 2nd quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider's stock worth $420,000 after acquiring an additional 171 shares in the last quarter. McAdam LLC grew its stake in shares of Wells Fargo & Company by 3.3% during the second quarter. McAdam LLC now owns 5,609 shares of the financial services provider's stock worth $333,000 after purchasing an additional 178 shares in the last quarter. Eclectic Associates Inc. ADV grew its stake in shares of Wells Fargo & Company by 1.2% during the third quarter. Eclectic Associates Inc. ADV now owns 15,452 shares of the financial services provider's stock worth $873,000 after purchasing an additional 178 shares in the last quarter. Prentice Wealth Management LLC increased its holdings in Wells Fargo & Company by 2.0% in the second quarter. Prentice Wealth Management LLC now owns 9,426 shares of the financial services provider's stock valued at $560,000 after buying an additional 184 shares during the last quarter. Finally, Clearstead Trust LLC raised its stake in Wells Fargo & Company by 13.0% in the first quarter. Clearstead Trust LLC now owns 1,617 shares of the financial services provider's stock valued at $94,000 after buying an additional 186 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

NYSE:WFC traded up $1.98 during midday trading on Friday, reaching $56.96. The stock had a trading volume of 14,594,449 shares, compared to its average volume of 18,007,127. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The stock has a market cap of $198.58 billion, a P/E ratio of 11.70, a P/E/G ratio of 1.32 and a beta of 1.16. The firm has a fifty day simple moving average of $55.36 and a two-hundred day simple moving average of $57.76. Wells Fargo & Company has a 12-month low of $38.58 and a 12-month high of $62.55.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $20.29 billion. During the same quarter last year, the business earned $1.25 EPS. The business's revenue was up .8% on a year-over-year basis. On average, equities analysts expect that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced 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 a boost 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 2.81%. Wells Fargo & Company's payout ratio is presently 32.85%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on WFC. Morgan Stanley dropped their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an "overweight" rating on the stock in a report on Monday, September 30th. Keefe, Bruyette & Woods dropped their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a "market perform" rating on the stock in a research note on Monday, July 15th. BMO Capital Markets raised their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a "market perform" rating in a report on Thursday, July 11th. Jefferies Financial Group cut shares of Wells Fargo & Company to a "hold" rating and lowered their target price for the company from $62.00 to $59.00 in a report on Friday, August 16th. Finally, Evercore ISI lifted their price target on shares of Wells Fargo & Company from $65.00 to $68.00 and gave the stock an "outperform" rating in a research note on Wednesday. Twelve research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $60.41.

About Wells Fargo & Company

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.

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