41,716 Shares in Wells Fargo & Company (NYSE:WFC) Purchased by LGT Fund Management Co Ltd.

LGT Fund Management Co Ltd. purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, Holdings Channel.com reports. The firm purchased 41,716 shares of the financial services provider’s stock, valued at approximately $2,478,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Wells Fargo & Company during the fourth quarter worth $2,623,044,000. 1832 Asset Management L.P. grew its stake in shares of Wells Fargo & Company by 67.1% in the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after acquiring an additional 2,349,595 shares in the last quarter. Morningstar Investment Services LLC raised its holdings in shares of Wells Fargo & Company by 103.7% in the fourth quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock valued at $189,684,000 after purchasing an additional 1,951,477 shares during the last quarter. Rokos Capital Management LLP lifted its position in shares of Wells Fargo & Company by 141.6% during the first quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock valued at $151,853,000 after purchasing an additional 1,536,152 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. purchased a new position in Wells Fargo & Company during the first quarter worth about $84,819,000. 75.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on WFC shares. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research report on Monday, July 15th. BMO Capital Markets upped their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Morgan Stanley lifted their target price on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Evercore ISI reduced their price target on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research report on Friday. Twelve investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus price target of $60.29.

Wells Fargo & Company Stock Up 1.1 %

Shares of NYSE WFC opened at $54.60 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The company has a market cap of $185.85 billion, a P/E ratio of 11.21, a P/E/G ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55. The business has a 50-day simple moving average of $57.19 and a two-hundred day simple moving average of $57.97.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.04. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. Wells Fargo & Company’s revenue was up .8% compared to the same quarter last year. During the same period last year, the business earned $1.25 earnings per share. Research analysts anticipate that Wells Fargo & Company will post 5.15 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were given a dividend of $0.40 per share. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date was Friday, August 9th. Wells Fargo & Company’s payout ratio is 32.85%.

Wells Fargo & Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.