Tukman Grossman Capital Management Inc. lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 59.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 161,536 shares of the financial services provider’s stock after selling 240,500 shares during the quarter. Wells Fargo & Company makes up 6.7% of Tukman Grossman Capital Management Inc.’s portfolio, making the stock its 5th biggest position. Tukman Grossman Capital Management Inc.’s holdings in Wells Fargo & Company were worth $8,909,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in WFC. Delphi Private Advisors LLC raised its holdings in Wells Fargo & Company by 262.8% in the second quarter. Delphi Private Advisors LLC now owns 2,017 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 1,461 shares in the last quarter. Brick & Kyle Associates increased its holdings in shares of Wells Fargo & Company by 9.5% during the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 162 shares in the last quarter. Stelac Advisory Services LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at $104,000. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Wells Fargo & Company by 0.3% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 6 shares in the last quarter. Finally, Clear Investment Research LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at $121,000. Institutional investors own 75.77% of the company’s stock.
Wells Fargo & Company (WFC) traded up $0.65 during mid-day trading on Friday, hitting $59.87. The stock had a trading volume of 36,043,545 shares, compared to its average volume of 20,802,504. Wells Fargo & Company has a 12-month low of $49.27 and a 12-month high of $60.65. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32. The stock has a market cap of $294,815.50, a PE ratio of 14.46, a P/E/G ratio of 1.44 and a beta of 0.96.
Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). The company had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $22.30 billion. Wells Fargo & Company had a net margin of 22.00% and a return on equity of 12.59%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.03 earnings per share. equities analysts forecast that Wells Fargo & Company will post 3.97 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 3rd were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.61%. The ex-dividend date was Thursday, November 2nd. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 40.31%.
In related news, VP Richard Levy sold 97,000 shares of Wells Fargo & Company stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total transaction of $5,477,590.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John R. Shrewsberry sold 70,000 shares of Wells Fargo & Company stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 184,482 shares of company stock worth $10,471,050 in the last three months. 0.22% of the stock is owned by corporate insiders.
Several brokerages have recently weighed in on WFC. Goldman Sachs Group restated a “buy” rating on shares of Wells Fargo & Company in a report on Wednesday, October 11th. Vetr upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating and set a $54.49 price target for the company in a report on Tuesday, October 24th. Vertical Group began coverage on Wells Fargo & Company in a report on Friday, October 6th. They set a “sell” rating for the company. Credit Suisse Group restated a “hold” rating and set a $57.00 price target on shares of Wells Fargo & Company in a report on Tuesday, October 10th. Finally, UBS set a $55.00 price objective on Wells Fargo & Company and gave the company a “hold” rating in a research report on Monday, October 16th. Five analysts have rated the stock with a sell rating, fifteen have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus price target of $57.25.
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Wells Fargo & Company Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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