Wells Fargo & Co (NYSE:WFC) Shares Sold by Ropes Wealth Advisors LLC

Ropes Wealth Advisors LLC lessened its stake in shares of Wells Fargo & Co (NYSE:WFC) by 1.4% in the third quarter, Holdings Channel.com reports. The fund owned 27,412 shares of the financial services provider’s stock after selling 402 shares during the quarter. Ropes Wealth Advisors LLC’s holdings in Wells Fargo & Co were worth $1,383,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Investment Management of Virginia LLC lifted its position in shares of Wells Fargo & Co by 0.8% during the 3rd quarter. Investment Management of Virginia LLC now owns 238,729 shares of the financial services provider’s stock valued at $12,042,000 after acquiring an additional 1,787 shares during the last quarter. Loudon Investment Management LLC lifted its position in shares of Wells Fargo & Co by 16.8% during the 3rd quarter. Loudon Investment Management LLC now owns 31,011 shares of the financial services provider’s stock valued at $1,564,000 after acquiring an additional 4,465 shares during the last quarter. Harrington Investments INC acquired a new stake in shares of Wells Fargo & Co during the 3rd quarter valued at $212,000. Vestmark Advisory Solutions Inc. lifted its position in shares of Wells Fargo & Co by 34.9% during the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 79,394 shares of the financial services provider’s stock valued at $4,005,000 after acquiring an additional 20,538 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Wells Fargo & Co by 779.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 148,744 shares of the financial services provider’s stock valued at $7,502,000 after acquiring an additional 131,824 shares during the last quarter. Institutional investors own 75.13% of the company’s stock.

Shares of WFC traded down $0.04 during mid-day trading on Monday, reaching $54.06. The company’s stock had a trading volume of 575,518 shares, compared to its average volume of 20,816,832. The business has a fifty day moving average of $50.39 and a 200 day moving average of $47.60. The company has a market cap of $225.42 billion, a price-to-earnings ratio of 12.34, a price-to-earnings-growth ratio of 1.11 and a beta of 1.11. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $55.04. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.33.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.15 by ($0.23). The business had revenue of $22.01 billion during the quarter, compared to analysts’ expectations of $21.32 billion. Wells Fargo & Co had a net margin of 21.67% and a return on equity of 13.01%. Wells Fargo & Co’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.13 EPS. On average, analysts predict that Wells Fargo & Co will post 4.5 earnings per share for the current year.

Wells Fargo & Co declared that its board has authorized a share buyback program on Tuesday, July 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Thursday, November 7th. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 46.58%.

A number of equities research analysts have recently commented on WFC shares. Credit Suisse Group increased their price objective on Wells Fargo & Co from $52.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. Piper Jaffray Companies set a $46.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a research report on Monday, September 9th. BMO Capital Markets cut their price objective on Wells Fargo & Co from $59.00 to $57.00 and set a “market perform” rating for the company in a research report on Wednesday, October 16th. Morgan Stanley increased their price objective on Wells Fargo & Co from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Robert W. Baird lowered Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 target price for the company. in a report on Monday, September 30th. Four analysts have rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $49.75.

About Wells Fargo & Co

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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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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