Chartwell Investment Partners LLC increased its stake in shares of Wells Fargo & Co (NYSE:WFC) by 66.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 150,594 shares of the financial services provider’s stock after buying an additional 60,101 shares during the period. Chartwell Investment Partners LLC’s holdings in Wells Fargo & Co were worth $3,855,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in shares of Wells Fargo & Co by 2.4% during the first quarter. Geode Capital Management LLC now owns 56,816,476 shares of the financial services provider’s stock worth $1,627,844,000 after acquiring an additional 1,353,615 shares during the period. Davis Selected Advisers boosted its stake in Wells Fargo & Co by 4.3% in the 1st quarter. Davis Selected Advisers now owns 27,636,091 shares of the financial services provider’s stock valued at $793,156,000 after purchasing an additional 1,150,097 shares during the period. Longview Partners Guernsey LTD grew its holdings in Wells Fargo & Co by 1.9% in the 1st quarter. Longview Partners Guernsey LTD now owns 26,417,431 shares of the financial services provider’s stock valued at $758,180,000 after buying an additional 484,080 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Wells Fargo & Co by 1.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 16,227,543 shares of the financial services provider’s stock valued at $465,730,000 after buying an additional 193,361 shares in the last quarter. Finally, EdgePoint Investment Group Inc. increased its position in Wells Fargo & Co by 3.3% during the 1st quarter. EdgePoint Investment Group Inc. now owns 15,730,967 shares of the financial services provider’s stock worth $451,479,000 after buying an additional 503,421 shares during the period. Institutional investors and hedge funds own 72.93% of the company’s stock.
Several research firms recently commented on WFC. Nomura Securities restated a “buy” rating and issued a $31.00 price target on shares of Wells Fargo & Co in a research note on Thursday, April 16th. Compass Point decreased their target price on shares of Wells Fargo & Co from $33.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 13th. Atlantic Securities upgraded shares of Wells Fargo & Co from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $28.00 to $30.00 in a research report on Wednesday, July 22nd. Evercore ISI upgraded Wells Fargo & Co from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $26.00 to $27.00 in a research note on Wednesday, July 15th. Finally, Morgan Stanley lowered their price objective on Wells Fargo & Co from $27.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 15th. Four equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $33.31.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported ($0.66) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.50). The firm had revenue of $17.80 billion during the quarter, compared to the consensus estimate of $18.30 billion. Wells Fargo & Co had a net margin of 6.26% and a return on equity of 4.33%. The firm’s revenue was down 17.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.30 earnings per share. On average, analysts expect that Wells Fargo & Co will post 0.07 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a $0.10 dividend. The ex-dividend date is Thursday, August 6th. This represents a $0.40 annualized dividend and a yield of 1.65%. Wells Fargo & Co’s dividend payout ratio is presently 46.58%.
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. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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