First Personal Financial Services Reduces Position in Wells Fargo & Co (WFC)

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First Personal Financial Services lessened its stake in shares of Wells Fargo & Co (NYSE:WFC) by 19.3% during the second quarter, HoldingsChannel.com reports. The fund owned 15,020 shares of the financial services provider’s stock after selling 3,592 shares during the quarter. First Personal Financial Services’ holdings in Wells Fargo & Co were worth $833,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA raised its holdings in Wells Fargo & Co by 5.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 50,957,630 shares of the financial services provider’s stock worth $2,670,689,000 after buying an additional 2,497,659 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Wells Fargo & Co by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 41,213,847 shares of the financial services provider’s stock worth $2,160,018,000 after buying an additional 722,334 shares during the last quarter. Magellan Asset Management Ltd raised its holdings in Wells Fargo & Co by 24.1% during the first quarter. Magellan Asset Management Ltd now owns 31,024,898 shares of the financial services provider’s stock worth $1,626,015,000 after buying an additional 6,017,222 shares during the last quarter. Boston Partners raised its holdings in Wells Fargo & Co by 12.6% during the second 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 during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in Wells Fargo & Co by 4.7% during the first quarter. Schwab Charles Investment Management Inc. now owns 16,538,282 shares of the financial services provider’s stock worth $866,772,000 after buying an additional 741,837 shares during the last quarter. Institutional investors own 75.76% of the company’s stock.

Several research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Morgan Stanley upgraded shares of Wells Fargo & Co from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $57.00 to $62.00 in a report on Monday, July 2nd. Keefe, Bruyette & Woods upgraded shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $57.00 to $63.00 in a report on Sunday, July 15th. They noted that the move was a valuation call. Finally, Susquehanna Bancshares set a $63.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $63.34.

Shares of WFC stock opened at $58.95 on Thursday. The stock has a market capitalization of $285.25 billion, a PE ratio of 14.34, a PEG ratio of 1.58 and a beta of 1.12. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.88 and a quick ratio of 0.86. Wells Fargo & Co has a one year low of $49.27 and a one year high of $66.31.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, July 13th. The financial services provider reported $1.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.12 by ($0.04). The firm had revenue of $21.55 billion during the quarter, compared to analysts’ expectations of $21.52 billion. Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. equities research analysts anticipate that Wells Fargo & Co will post 4.56 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Saturday, September 1st. Stockholders of record on Friday, August 10th were issued a $0.43 dividend. The ex-dividend date was Thursday, August 9th. This represents a $1.72 annualized dividend and a dividend yield of 2.92%. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.39. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.

In other news, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $58.01, for a total value of $1,450,250.00. Following the completion of the sale, the executive vice president now owns 109 shares in the company, valued at $6,323.09. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.

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

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