Deseret Mutual Benefit Administrators trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 18.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,297 shares of the financial services provider’s stock after selling 7,389 shares during the period. Deseret Mutual Benefit Administrators’ holdings in Wells Fargo & Company were worth $1,339,000 as of its most recent SEC filing.
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A number of other institutional investors also recently made changes to their positions in the business. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at approximately $26,000. Csenge Advisory Group raised its position in shares of Wells Fargo & Company by 3.3% during the 3rd quarter. Csenge Advisory Group now owns 21,920 shares of the financial services provider’s stock valued at $882,000 after acquiring an additional 700 shares in the last quarter. Chiron Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at approximately $681,000. Main Street Financial Solutions LLC raised its position in shares of Wells Fargo & Company by 9.4% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,020 shares of the financial services provider’s stock valued at $236,000 after acquiring an additional 516 shares in the last quarter. Finally, Foster Dykema Cabot & Co. Inc. MA acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at approximately $154,000. 72.24% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms recently issued reports on WFC. BMO Capital Markets upped their price target on Wells Fargo & Company from $61.00 to $63.00 and gave the company a “market perform” rating in a research report on Monday, October 17th. StockNews.com initiated coverage on Wells Fargo & Company in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Jefferies Financial Group lowered Wells Fargo & Company from a “buy” rating to a “hold” rating and cut their price objective for the company from $49.00 to $46.00 in a report on Tuesday. Deutsche Bank Aktiengesellschaft cut their price objective on Wells Fargo & Company from $60.00 to $50.00 in a report on Friday, January 6th. Finally, Barclays upped their price objective on Wells Fargo & Company from $58.00 to $64.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $52.62.
Wells Fargo & Company Stock Up 1.3 %
Shares of NYSE WFC traded up $0.54 during mid-day trading on Friday, reaching $43.49. 172,040 shares of the company traded hands, compared to its average volume of 20,605,303. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a market cap of $165.72 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 0.88 and a beta of 1.18. The company’s fifty day moving average is $43.75 and its two-hundred day moving average is $43.54. Wells Fargo & Company has a fifty-two week low of $36.54 and a fifty-two week high of $60.30.
Wells Fargo & Company (NYSE:WFC – Get Rating) last released its earnings results on Friday, January 13th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.61). The business had revenue of $19.66 billion during the quarter, compared to analyst estimates of $20.04 billion. Wells Fargo & Company had a net margin of 15.91% and a return on equity of 9.28%. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period last year, the business earned $1.38 EPS. On average, analysts expect that Wells Fargo & Company will post 4.95 earnings per share for the current year.
Wells Fargo & Company Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, December 1st. Shareholders of record on Friday, November 4th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Thursday, November 3rd. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 38.22%.
About Wells Fargo & Company
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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