Meyer Handelman Co. Lowers Holdings in Wells Fargo & Co (WFC)

Meyer Handelman Co. decreased its position in shares of Wells Fargo & Co (NYSE:WFC) by 0.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 198,068 shares of the financial services provider’s stock after selling 1,250 shares during the period. Meyer Handelman Co.’s holdings in Wells Fargo & Co were worth $10,923,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. HPM Partners LLC raised its position in Wells Fargo & Co by 160.6% during the first quarter. HPM Partners LLC now owns 125,880 shares of the financial services provider’s stock valued at $7,006,000 after purchasing an additional 77,572 shares in the last quarter. Insight 2811 Inc. increased its holdings in shares of Wells Fargo & Co by 8.8% in the first quarter. Insight 2811 Inc. now owns 6,777 shares of the financial services provider’s stock worth $377,000 after buying an additional 551 shares during the period. Loudon Investment Management LLC increased its holdings in shares of Wells Fargo & Co by 8.4% in the first quarter. Loudon Investment Management LLC now owns 28,296 shares of the financial services provider’s stock worth $1,575,000 after buying an additional 2,200 shares during the period. Nottingham Advisors Inc. increased its holdings in shares of Wells Fargo & Co by 2.3% in the first quarter. Nottingham Advisors Inc. now owns 8,618 shares of the financial services provider’s stock worth $480,000 after buying an additional 190 shares during the period. Finally, Edmonds Duncan Registered Investment Advisors LLC purchased a new position in shares of Wells Fargo & Co in the first quarter worth about $295,000. Institutional investors and hedge funds own 75.70% of the company’s stock.

Wells Fargo & Co (WFC) opened at $61.13 on Wednesday. Wells Fargo & Co has a twelve month low of $49.27 and a twelve month high of $62.24. The stock has a market capitalization of $303,088.25, a PE ratio of 15.80, a P/E/G ratio of 1.90 and a beta of 0.96. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32.

Wells Fargo & Co (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 analysts’ consensus estimates of $1.04 by ($0.20). Wells Fargo & Co had a net margin of 22.00% and a return on equity of 12.59%. The business had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $22.30 billion. During the same quarter in the prior year, the firm earned $1.03 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. equities analysts forecast that Wells Fargo & Co will post 3.99 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 3rd were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, November 2nd. This represents a $1.56 dividend on an annualized basis and a yield of 2.55%. Wells Fargo & Co’s dividend payout ratio is presently 40.31%.

Several research analysts have recently commented on WFC shares. Robert W. Baird reiterated a “buy” rating and issued a $58.00 price objective on shares of Wells Fargo & Co in a report on Tuesday, September 5th. Instinet reiterated a “buy” rating and issued a $65.00 price objective (up previously from $64.00) on shares of Wells Fargo & Co in a report on Saturday, September 30th. Nomura lifted their price objective on Wells Fargo & Co from $64.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 28th. Citigroup reiterated a “buy” rating and issued a $65.00 price objective (up previously from $60.00) on shares of Wells Fargo & Co in a report on Monday, October 9th. Finally, Goldman Sachs Group reiterated a “buy” rating on shares of Wells Fargo & Co in a report on Wednesday, October 11th. Five investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $57.75.

In other Wells Fargo & Co news, insider Michael J. Loughlin sold 17,482 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $57.80, for a total transaction of $1,010,459.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John R. Shrewsberry sold 70,000 shares of Wells Fargo & Co stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,482 shares of company stock worth $10,471,050. 0.22% of the stock is owned by company insiders.

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Wells Fargo & Co 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 & Co (NYSE:WFC)

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