Inverness Counsel LLC NY Has $16.49 Million Stake in Wells Fargo & Company (NYSE:WFC)

Inverness Counsel LLC NY grew its holdings in Wells Fargo & Company (NYSE:WFC) by 163.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 364,026 shares of the financial services provider’s stock after buying an additional 226,085 shares during the period. Inverness Counsel LLC NY’s holdings in Wells Fargo & Company were worth $16,487,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in WFC. Price T Rowe Associates Inc. MD lifted its position in shares of Wells Fargo & Company by 21.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 128,990,462 shares of the financial services provider’s stock valued at $5,039,658,000 after buying an additional 22,458,740 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at approximately $239,976,000. Nuveen Asset Management LLC lifted its position in shares of Wells Fargo & Company by 28.7% in the first quarter. Nuveen Asset Management LLC now owns 18,651,778 shares of the financial services provider’s stock valued at $728,724,000 after buying an additional 4,164,750 shares during the last quarter. Morgan Stanley lifted its holdings in Wells Fargo & Company by 18.8% during the 1st quarter. Morgan Stanley now owns 22,798,501 shares of the financial services provider’s stock worth $890,737,000 after purchasing an additional 3,614,138 shares during the last quarter. Finally, Brandywine Global Investment Management LLC lifted its holdings in Wells Fargo & Company by 143.3% during the 1st quarter. Brandywine Global Investment Management LLC now owns 6,023,822 shares of the financial services provider’s stock worth $235,351,000 after purchasing an additional 3,547,747 shares during the last quarter. 70.82% of the stock is owned by institutional investors.

Several analysts recently weighed in on WFC shares. Odeon Capital Group cut Wells Fargo & Company from a “buy” rating to a “hold” rating in a report on Monday, July 19th. UBS Group reissued a “neutral” rating and set a $47.00 price target (up from $40.00) on shares of Wells Fargo & Company in a report on Tuesday, May 25th. Raymond James lifted their price target on Wells Fargo & Company from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, August 26th. Deutsche Bank Aktiengesellschaft lifted their price objective on Wells Fargo & Company from $48.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, September 1st. Finally, TheStreet cut Wells Fargo & Company from a “b” rating to a “c+” rating in a report on Friday, July 30th. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $47.52.

Shares of NYSE WFC traded up $0.04 during trading on Wednesday, reaching $46.09. The company had a trading volume of 407,919 shares, compared to its average volume of 30,603,697. The company’s fifty day moving average price is $46.23 and its 200-day moving average price is $44.24. Wells Fargo & Company has a 12 month low of $20.76 and a 12 month high of $51.41. The stock has a market cap of $189.26 billion, a P/E ratio of 13.19, a PEG ratio of 0.99 and a beta of 1.36. The company has a quick ratio of 0.81, a current ratio of 0.83 and a debt-to-equity ratio of 1.04.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 13th. The financial services provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.40. Wells Fargo & Company had a return on equity of 9.85% and a net margin of 19.79%. The firm had revenue of $20.27 billion for the quarter, compared to analyst estimates of $17.69 billion. During the same quarter in the previous year, the company posted ($0.66) EPS. The business’s revenue was up 10.8% on a year-over-year basis. As a group, equities analysts predict that Wells Fargo & Company will post 4.37 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Friday, August 6th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.74%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Thursday, August 5th. Wells Fargo & Company’s payout ratio is currently 145.45%.

About Wells Fargo & Company

Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.

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

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