AMP Capital Investors Ltd Sells 156,671 Shares of Wells Fargo & Co (WFC)

AMP Capital Investors Ltd cut its holdings in Wells Fargo & Co (NYSE:WFC) by 5.4% in the third quarter, HoldingsChannel reports. The firm owned 2,758,600 shares of the financial services provider’s stock after selling 156,671 shares during the quarter. Wells Fargo & Co accounts for 0.8% of AMP Capital Investors Ltd’s portfolio, making the stock its 17th largest position. AMP Capital Investors Ltd’s holdings in Wells Fargo & Co were worth $145,708,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of WFC. Sanders Capital LLC purchased a new position in shares of Wells Fargo & Co in the second quarter valued at $952,809,000. Charles Schwab Investment Advisory Inc. purchased a new position in shares of Wells Fargo & Co in the second quarter valued at $321,220,000. American Century Companies Inc. grew its holdings in shares of Wells Fargo & Co by 29.9% in the second quarter. American Century Companies Inc. now owns 10,583,847 shares of the financial services provider’s stock valued at $586,768,000 after purchasing an additional 2,436,521 shares in the last quarter. Boston Partners grew its holdings in shares of Wells Fargo & Co by 12.6% in the second quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock valued at $1,176,604,000 after purchasing an additional 2,372,583 shares in the last quarter. Finally, Royal London Asset Management Ltd. purchased a new position in shares of Wells Fargo & Co in the second quarter valued at $118,780,000. 75.50% of the stock is owned by hedge funds and other institutional investors.

WFC has been the subject of a number of recent research reports. UBS Group set a $63.00 target price on shares of Wells Fargo & Co and gave the company a “buy” rating in a report on Friday, September 28th. Edward Jones raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Nomura dropped their price objective on shares of Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, October 15th. Citigroup raised shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday, November 2nd. Finally, ValuEngine raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the stock. Wells Fargo & Co presently has an average rating of “Buy” and a consensus price target of $63.79.

NYSE:WFC opened at $54.28 on Monday. Wells Fargo & Co has a twelve month low of $50.02 and a twelve month high of $66.31. The firm has a market cap of $264.76 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.08 and a beta of 1.01. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.26.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. The business had revenue of $21.94 billion for the quarter, compared to the consensus estimate of $21.90 billion. On average, sell-side analysts anticipate that Wells Fargo & Co will post 4.5 earnings per share for the current year.

Wells Fargo & Co announced that its board has authorized a stock repurchase program on Tuesday, October 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Stockholders of record on Friday, November 9th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.72 annualized dividend and a dividend yield of 3.17%. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.85%.

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Wells Fargo & Co Company 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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