Manitou Investment Management Ltd. Has $21.69 Million Stake in Wells Fargo & Co (NYSE:WFC)

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Manitou Investment Management Ltd. boosted its holdings in Wells Fargo & Co (NYSE:WFC) by 32.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 430,001 shares of the financial services provider’s stock after buying an additional 106,010 shares during the quarter. Wells Fargo & Co makes up approximately 5.2% of Manitou Investment Management Ltd.’s investment portfolio, making the stock its 10th largest position. Manitou Investment Management Ltd.’s holdings in Wells Fargo & Co were worth $21,689,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of WFC. Daily Journal Corp raised its holdings in Wells Fargo & Co by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after buying an additional 157,588,200 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in Wells Fargo & Co by 10,041.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 20,960,596 shares of the financial services provider’s stock valued at $991,856,000 after buying an additional 20,753,922 shares during the last quarter. AQR Capital Management LLC raised its holdings in Wells Fargo & Co by 216.1% in the 2nd quarter. AQR Capital Management LLC now owns 7,564,725 shares of the financial services provider’s stock valued at $357,963,000 after buying an additional 5,171,498 shares during the last quarter. Longview Partners Guernsey LTD raised its holdings in Wells Fargo & Co by 24.2% in the 2nd quarter. Longview Partners Guernsey LTD now owns 26,122,688 shares of the financial services provider’s stock valued at $1,236,126,000 after buying an additional 5,090,670 shares during the last quarter. Finally, Primecap Management Co. CA raised its holdings in Wells Fargo & Co by 10.0% during the 2nd quarter. Primecap Management Co. CA now owns 50,564,911 shares of the financial services provider’s stock worth $2,392,732,000 after purchasing an additional 4,600,225 shares during the last quarter. Institutional investors and hedge funds own 75.13% of the company’s stock.

Several research analysts have issued reports on the stock. Buckingham Research set a $47.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday, September 30th. UBS Group lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $51.00 to $49.00 in a report on Tuesday, September 10th. Argus upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a report on Monday, September 30th. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Odeon Capital Group lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Four investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $49.75.

Shares of NYSE:WFC traded up $0.10 during mid-day trading on Friday, hitting $54.10. The company had a trading volume of 14,545,399 shares, compared to its average volume of 20,816,832. The firm has a fifty day moving average price of $50.39 and a 200 day moving average price of $47.60. The company has a market capitalization of $225.42 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 1.11 and a beta of 1.11. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Co has a one year low of $43.02 and a one year high of $55.04.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.23). The company had revenue of $22.01 billion during the quarter, compared to the consensus estimate of $21.32 billion. Wells Fargo & Co had a net margin of 21.67% and a return on equity of 13.01%. The business’s revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.13 EPS. Research analysts expect that Wells Fargo & Co will post 4.5 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be paid a $0.51 dividend. The ex-dividend date is Thursday, November 7th. This represents a $2.04 annualized dividend and a dividend yield of 3.77%. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.

Wells Fargo & Co announced that its board has authorized a stock repurchase plan on Tuesday, July 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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

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