Mutual of America Capital Management LLC lessened its position in Wells Fargo & Co (NYSE:WFC) by 1.0% in the third quarter, HoldingsChannel.com reports. The fund owned 559,443 shares of the financial services provider’s stock after selling 5,596 shares during the period. Wells Fargo & Co comprises about 0.4% of Mutual of America Capital Management LLC’s portfolio, making the stock its 26th biggest holding. Mutual of America Capital Management LLC’s holdings in Wells Fargo & Co were worth $29,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Sageworth Trust Co raised its stake in Wells Fargo & Co by 257.9% in the 3rd quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock worth $113,000 after purchasing an additional 1,550 shares in the last quarter. Landaas & Co. WI ADV acquired a new stake in Wells Fargo & Co in the 2nd quarter worth about $117,000. Lee Financial Co raised its stake in Wells Fargo & Co by 433.4% in the 3rd quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock worth $132,000 after purchasing an additional 2,037 shares in the last quarter. Almanack Investment Partners LLC. acquired a new stake in Wells Fargo & Co in the 3rd quarter worth about $141,000. Finally, Parkside Investments LLC acquired a new stake in Wells Fargo & Co in the 3rd quarter worth about $174,000. 73.02% of the stock is owned by institutional investors.
Several analysts have weighed in on WFC shares. Wolfe Research started coverage on shares of Wells Fargo & Co in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. Zacks Investment Research cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Tuesday, September 18th. UBS Group set a $63.00 price objective on shares of Wells Fargo & Co and gave the stock a “buy” rating in a research note on Friday, September 28th. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. Finally, Edward Jones upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the stock. Wells Fargo & Co currently has a consensus rating of “Buy” and an average price target of $63.79.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.04). The firm had revenue of $21.94 billion during the quarter, compared to analyst estimates of $21.90 billion. Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. As a group, research analysts expect that Wells Fargo & Co will post 4.5 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Stockholders of record on Friday, November 9th were given a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Thursday, November 8th. Wells Fargo & Co’s payout ratio is presently 41.85%.
Wells Fargo & Co declared that its Board of Directors has approved a stock repurchase plan on Tuesday, October 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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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