Wells Fargo & Co (NYSE:WFC) Shares Sold by Northwestern Mutual Investment Management Company LLC

Northwestern Mutual Investment Management Company LLC lessened its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 0.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 152,689 shares of the financial services provider’s stock after selling 736 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Wells Fargo & Co were worth $7,702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Daily Journal Corp raised its position in shares of Wells Fargo & Co by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after acquiring an additional 157,588,200 shares in the last quarter. Primecap Management Co. CA raised its position in shares of Wells Fargo & Co by 10.0% during the 2nd quarter. Primecap Management Co. CA now owns 50,564,911 shares of the financial services provider’s stock worth $2,392,732,000 after acquiring an additional 4,600,225 shares in the last quarter. Davis Selected Advisers raised its position in shares of Wells Fargo & Co by 0.7% during the 2nd quarter. Davis Selected Advisers now owns 27,729,864 shares of the financial services provider’s stock worth $1,312,177,000 after acquiring an additional 193,907 shares in the last quarter. Longview Partners Guernsey LTD raised its position in shares of Wells Fargo & Co by 24.2% during the 2nd quarter. Longview Partners Guernsey LTD now owns 26,122,688 shares of the financial services provider’s stock worth $1,236,126,000 after acquiring an additional 5,090,670 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in Wells Fargo & Co by 10,041.9% during the 2nd quarter. Nuveen Asset Management LLC now owns 20,960,596 shares of the financial services provider’s stock worth $991,856,000 after buying an additional 20,753,922 shares during the last quarter. 78.20% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts recently issued reports on the company. Credit Suisse Group raised their price target on Wells Fargo & Co from $52.00 to $53.00 and gave the stock a “neutral” rating in a research note on Friday, October 4th. UBS Group downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $51.00 to $49.00 in a research note on Tuesday, September 10th. Robert W. Baird downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research note on Monday, September 30th. Morgan Stanley raised their price target on Wells Fargo & Co from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, ValuEngine upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, October 15th. Four investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the company. Wells Fargo & Co currently has a consensus rating of “Hold” and an average price target of $49.75.

Shares of WFC stock traded down $0.95 during midday trading on Wednesday, hitting $53.27. The company had a trading volume of 992,580 shares, compared to its average volume of 20,744,758. The company’s 50 day simple moving average is $50.71 and its 200 day simple moving average is $47.70. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $55.04. The stock has a market cap of $228.81 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 1.13 and a beta of 1.11. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.23). Wells Fargo & Co had a net margin of 21.67% and a return on equity of 13.01%. The company had revenue of $22.01 billion during the quarter, compared to analysts’ expectations of $21.32 billion. During the same quarter last year, the business posted $1.13 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Analysts anticipate that Wells Fargo & Co will post 4.46 EPS for the current year.

Wells Fargo & Co declared that its Board of Directors has authorized a stock repurchase plan 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. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.04 annualized dividend and a dividend yield of 3.83%. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 46.58%.

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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