Financial Engines Advisors L.L.C. increased its position in Wells Fargo & Co (NYSE:WFC) by 2,729.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,695 shares of the financial services provider’s stock after purchasing an additional 7,423 shares during the period. Financial Engines Advisors L.L.C.’s holdings in Wells Fargo & Co were worth $404,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake in shares of Wells Fargo & Co by 4.5% in the second quarter. Dimensional Fund Advisors LP now owns 43,088,636 shares of the financial services provider’s stock worth $2,388,296,000 after acquiring an additional 1,874,789 shares during the last quarter. Magellan Asset Management Ltd grew its stake in shares of Wells Fargo & Co by 0.3% in the second quarter. Magellan Asset Management Ltd now owns 31,103,695 shares of the financial services provider’s stock worth $1,724,389,000 after acquiring an additional 78,797 shares during the last quarter. Boston Partners grew its stake 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 worth $1,176,604,000 after acquiring an additional 2,372,583 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of Wells Fargo & Co by 2.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 16,910,637 shares of the financial services provider’s stock worth $937,526,000 after acquiring an additional 372,355 shares during the last quarter. Finally, Sanders Capital LLC purchased a new stake in shares of Wells Fargo & Co in the second quarter worth $952,809,000. 77.50% of the stock is currently owned by institutional investors.
In other Wells Fargo & Co news, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $58.71, for a total value of $5,871,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $58.01, for a total value of $1,450,250.00. Following the completion of the transaction, the executive vice president now directly owns 109 shares in the company, valued at approximately $6,323.09. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). The business had revenue of $21.94 billion for the quarter, compared to the consensus estimate of $21.90 billion. Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. On average, research analysts predict that Wells Fargo & Co will post 4.5 earnings per share for the current fiscal year.
Wells Fargo & Co declared that its board has authorized a share repurchase plan on Tuesday, October 23rd that permits the company to repurchase 350,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Friday, November 9th will be issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Thursday, November 8th. Wells Fargo & Co’s payout ratio is currently 41.85%.
WFC has been the topic of a number of recent research reports. Edward Jones raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Macquarie cut their target price on Wells Fargo & Co from $63.00 to $62.00 and set a “neutral” rating on the stock in a research note on Monday, September 17th. UBS Group set a $63.00 target price on Wells Fargo & Co and gave the stock a “buy” rating in a research note on Friday, September 28th. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Tuesday, September 18th. Finally, Wolfe Research initiated coverage on Wells Fargo & Co in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $63.79.
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About Wells Fargo & Co
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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