Wells Fargo & Company (WFC) Stake Lowered by WASHINGTON TRUST Co

WASHINGTON TRUST Co reduced its stake in Wells Fargo & Company (NYSE:WFC) by 15.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 364,547 shares of the financial services provider’s stock after selling 64,255 shares during the quarter. Wells Fargo & accounts for 1.2% of WASHINGTON TRUST Co’s investment portfolio, making the stock its 29th largest position. WASHINGTON TRUST Co’s holdings in Wells Fargo & were worth $20,200,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Morningstar Investment Services LLC increased its stake in Wells Fargo & by 21.9% during the 2nd quarter. Morningstar Investment Services LLC now owns 2,043,160 shares of the financial services provider’s stock worth $113,211,000 after buying an additional 367,529 shares during the period. Premier Asset Management LLC increased its stake in Wells Fargo & by 12.9% during the 2nd quarter. Premier Asset Management LLC now owns 14,457 shares of the financial services provider’s stock worth $801,000 after buying an additional 1,657 shares during the period. LMR Partners LLP increased its stake in Wells Fargo & by 70.6% during the 2nd quarter. LMR Partners LLP now owns 38,423 shares of the financial services provider’s stock worth $2,129,000 after buying an additional 15,900 shares during the period. Dupont Capital Management Corp increased its stake in Wells Fargo & by 9.4% during the 2nd quarter. Dupont Capital Management Corp now owns 528,026 shares of the financial services provider’s stock worth $29,258,000 after buying an additional 45,469 shares during the period. Finally, Savant Capital LLC increased its stake in Wells Fargo & by 0.4% during the 2nd quarter. Savant Capital LLC now owns 49,520 shares of the financial services provider’s stock worth $2,744,000 after buying an additional 182 shares during the period. Hedge funds and other institutional investors own 75.00% of the company’s stock.

Several equities research analysts recently weighed in on WFC shares. Keefe, Bruyette & Woods set a $61.00 target price on shares of Wells Fargo & and gave the stock a “buy” rating in a research note on Friday, August 25th. UBS AG set a $57.00 target price on shares of Wells Fargo & and gave the stock a “neutral” rating in a research note on Friday, October 6th. BMO Capital Markets upped their target price on shares of Wells Fargo & from $49.00 to $50.00 and gave the stock a “market perform” rating in a research note on Monday, October 16th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating on shares of Wells Fargo & in a research note on Wednesday, October 11th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $58.00 target price on shares of Wells Fargo & in a research note on Tuesday, September 5th. Six research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $57.20.

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Shares of Wells Fargo & Company (NYSE:WFC) opened at 56.14 on Wednesday. The stock has a 50 day moving average of $54.33 and a 200 day moving average of $53.56. Wells Fargo & Company has a 1-year low of $44.49 and a 1-year high of $59.99. The firm has a market cap of $276.65 billion, a PE ratio of 14.51 and a beta of 0.97.

Wells Fargo & (NYSE:WFC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.20). Wells Fargo & had a net margin of 22.00% and a return on equity of 12.59%. The firm had revenue of $21.93 billion for the quarter, compared to analyst estimates of $22.30 billion. During the same period last year, the firm posted $1.03 EPS. The business’s revenue was down 1.8% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post $3.95 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 3rd will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Thursday, November 2nd. Wells Fargo &’s dividend payout ratio (DPR) is 40.31%.

Wells Fargo & Company Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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

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