Equity Investment Corp reduced its position in Wells Fargo & Company (NYSE:WFC) by 2.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,590,037 shares of the financial services provider's stock after selling 54,236 shares during the period. Wells Fargo & Company makes up about 3.3% of Equity Investment Corp's holdings, making the stock its 6th biggest holding. Equity Investment Corp owned approximately 0.07% of Wells Fargo & Company worth $105,829,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of WFC. Defender Capital LLC. bought a new stake in shares of Wells Fargo & Company in the 1st quarter worth about $246,000. Fairfield Bush & CO. bought a new position in shares of Wells Fargo & Company in the 1st quarter worth about $124,000. Dakota Wealth Management bought a new position in shares of Wells Fargo & Company in the 1st quarter worth about $222,000. Candriam Luxembourg S.C.A. lifted its position in shares of Wells Fargo & Company by 0.3% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 273,936 shares of the financial services provider's stock worth $13,274,000 after buying an additional 770 shares during the last quarter. Finally, Zions Bancorporation N.A. lifted its position in shares of Wells Fargo & Company by 24.5% in the 1st quarter. Zions Bancorporation N.A. now owns 9,630 shares of the financial services provider's stock worth $467,000 after buying an additional 1,895 shares during the last quarter. Institutional investors own 72.47% of the company's stock.
Analyst Ratings Changes
A number of research firms have recently issued reports on WFC. Robert W. Baird restated a "neutral" rating and issued a $55.00 price target on shares of Wells Fargo & Company in a research report on Monday, January 8th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $51.00 price target on shares of Wells Fargo & Company in a research report on Tuesday, January 9th. Jefferies Financial Group lowered their price target on shares of Wells Fargo & Company from $48.00 to $43.00 in a research report on Tuesday, October 10th. UBS Group upped their price target on shares of Wells Fargo & Company from $51.00 to $53.00 in a research report on Thursday, October 12th. Finally, Odeon Capital Group lowered shares of Wells Fargo & Company from a "buy" rating to a "hold" rating and set a $48.80 price target for the company. in a research report on Thursday, January 18th. Ten research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Wells Fargo & Company has a consensus rating of "Hold" and a consensus target price of $51.43.
View Our Latest Report on WFC
Insider Activity at Wells Fargo & Company
In other Wells Fargo & Company news, Director Richard K. Davis purchased 3,500 shares of the company's stock in a transaction that occurred on Thursday, November 9th. The shares were purchased at an average cost of $41.22 per share, with a total value of $144,270.00. Following the completion of the transaction, the director now owns 4,244 shares of the company's stock, valued at $174,937.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.07% of the stock is owned by insiders.
Wells Fargo & Company Trading Up 0.2 %
Shares of Wells Fargo & Company stock traded up $0.09 on Friday, reaching $48.82. 8,406,716 shares of the company were exchanged, compared to its average volume of 18,427,209. The stock has a fifty day moving average price of $47.97 and a 200-day moving average price of $44.16. The firm has a market capitalization of $177.30 billion, a price-to-earnings ratio of 10.03, a price-to-earnings-growth ratio of 1.04 and a beta of 1.17. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.24. Wells Fargo & Company has a fifty-two week low of $35.25 and a fifty-two week high of $51.44.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.16 by ($0.30). The company had revenue of $20.48 billion for the quarter, compared to analyst estimates of $20.30 billion. Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. The firm's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $0.67 earnings per share. On average, analysts expect that Wells Fargo & Company will post 4.72 EPS for the current year.
Wells Fargo & Company Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 2nd will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Thursday, February 1st. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.05%.
Wells Fargo & Company Company Profile
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Free Report)
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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