Wells Fargo & Co (WFC) Shares Sold by First Pacific Advisors LP

First Pacific Advisors LP lessened its position in Wells Fargo & Co (NYSE:WFC) by 1.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,309,044 shares of the financial services provider’s stock after selling 63,213 shares during the quarter. Wells Fargo & Co makes up about 2.0% of First Pacific Advisors LP’s investment portfolio, making the stock its 26th largest holding. First Pacific Advisors LP owned about 0.11% of Wells Fargo & Co worth $279,043,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sageworth Trust Co raised its stake in Wells Fargo & Co by 257.9% during the third quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock valued at $113,000 after buying an additional 1,550 shares during the last quarter. Landaas & Co. WI ADV purchased a new position in Wells Fargo & Co during the second quarter valued at $117,000. Lee Financial Co raised its stake in Wells Fargo & Co by 433.4% during the third quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock valued at $132,000 after buying an additional 2,037 shares during the last quarter. Almanack Investment Partners LLC. purchased a new position in Wells Fargo & Co during the third quarter valued at $141,000. Finally, Parkside Investments LLC purchased a new position in Wells Fargo & Co during the third quarter valued at $174,000. Institutional investors own 75.50% of the company’s stock.

WFC stock opened at $54.28 on Monday. Wells Fargo & Co has a 1-year low of $50.02 and a 1-year high of $66.31. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market capitalization 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.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $21.94 billion during the quarter, compared to the consensus estimate of $21.90 billion. As a group, research analysts anticipate that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.

Wells Fargo & Co announced that its Board of Directors has approved a stock buyback program on Tuesday, October 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Saturday, December 1st. Investors of record on Friday, November 9th were issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Thursday, November 8th. Wells Fargo & Co’s payout ratio is currently 41.85%.

WFC has been the subject of a number of recent research reports. Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a research note on Friday, September 7th. They noted that the move was a valuation call. Edward Jones upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Tuesday, September 18th. Wolfe Research initiated coverage on Wells Fargo & Co in a research note on Tuesday, September 25th. They set an “outperform” rating for the company. Finally, UBS Group set a $63.00 price target on Wells Fargo & Co and gave the stock a “buy” rating in a research note on Friday, September 28th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $63.79.

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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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