FARMERS & MERCHANTS TRUST Co OF LONG BEACH Sells 547 Shares of Wells Fargo & Company (NYSE:WFC)

by · The Markets Daily

FARMERS & MERCHANTS TRUST Co OF LONG BEACH decreased its position in Wells Fargo & Company (NYSE:WFC) by 5.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,117 shares of the financial services provider’s stock after selling 547 shares during the quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Wells Fargo & Company were worth $572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Wells Fargo & Company by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock worth $1,178,591,000 after acquiring an additional 831,975 shares during the last quarter. 1832 Asset Management L.P. raised its position in 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 purchasing an additional 2,349,595 shares during the period. First Pacific Advisors LP lifted its stake in Wells Fargo & Company by 2.1% in the second quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider’s stock worth $313,500,000 after purchasing an additional 108,480 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Wells Fargo & Company by 38.1% during the first quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock valued at $297,411,000 after buying an additional 1,415,647 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in shares of Wells Fargo & Company by 1.0% during the first quarter. Russell Investments Group Ltd. now owns 4,662,953 shares of the financial services provider’s stock valued at $270,035,000 after buying an additional 48,419 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

WFC has been the subject of several analyst reports. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a report on Tuesday. Morgan Stanley dropped their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. 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 note on Tuesday, September 3rd. BMO Capital Markets increased their price target on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of 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. Twelve investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.65.

View Our Latest Research Report on Wells Fargo & Company

Wells Fargo & Company Price Performance

Shares of WFC opened at $60.99 on Friday. Wells Fargo & Company has a fifty-two week low of $38.58 and a fifty-two week high of $62.55. The firm’s 50-day simple moving average is $55.39 and its two-hundred day simple moving average is $57.78. The stock has a market cap of $212.63 billion, a PE ratio of 12.52, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.25. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. During the same quarter last year, the company earned $1.39 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. Analysts anticipate that Wells Fargo & Company will post 5.12 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. Investors of record on Friday, August 9th were paid a $0.40 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.62%. Wells Fargo & Company’s payout ratio is presently 32.85%.

Wells Fargo & Company Company Profile

(Free Report)

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.

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