TD Asset Management Inc. cut its stake in shares of Wells Fargo & Co (NYSE:WFC) by 3.6% in the 2nd quarter, Holdings Channel reports. The firm owned 1,983,551 shares of the financial services provider’s stock after selling 73,035 shares during the quarter. TD Asset Management Inc.’s holdings in Wells Fargo & Co were worth $109,968,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of WFC. Coyle Financial Counsel LLC acquired a new position in Wells Fargo & Co during the first quarter valued at approximately $101,000. Delpha Capital Management LLC acquired a new position in Wells Fargo & Co during the fourth quarter valued at approximately $103,000. Stelac Advisory Services LLC acquired a new position in Wells Fargo & Co during the fourth quarter valued at approximately $109,000. Santori & Peters Inc. acquired a new position in Wells Fargo & Co during the fourth quarter valued at approximately $110,000. Finally, Lipe & Dalton acquired a new position in Wells Fargo & Co during the fourth quarter valued at approximately $164,000. 76.39% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on the company. Zacks Investment Research cut Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Morgan Stanley reduced their price target on 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. Keefe, Bruyette & Woods raised Wells Fargo & Co from a “market perform” rating to an “outperform” rating and increased 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. Susquehanna Bancshares set a $63.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 13th. Finally, Macquarie upgraded Wells Fargo & Co from an “underperform” rating to an “outperform” rating in a research note on Monday, April 30th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $63.34.
NYSE:WFC opened at $58.86 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 0.88. The company has a market capitalization of $283.15 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 1.57 and a beta of 1.13. Wells Fargo & Co has a 12-month low of $49.27 and a 12-month high of $66.31.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, September 1st. Shareholders of record on Friday, August 10th will be paid a $0.43 dividend. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.39. The ex-dividend date is Thursday, August 9th. This represents a $1.72 annualized dividend and a yield of 2.92%. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.
In other news, EVP Petros G. Pelos sold 25,567 shares of the stock in a transaction that occurred on Thursday, May 24th. The stock was sold at an average price of $54.76, for a total transaction of $1,400,048.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $58.71, for a total value of $5,871,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 150,567 shares of company stock worth $8,721,299. 0.09% of the stock is owned by corporate insiders.
Wells Fargo & Co 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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