DAVENPORT & Co LLC Sells 7,866 Shares of Wells Fargo & Company (NYSE:WFC)

DAVENPORT & Co LLC decreased its position in Wells Fargo & Company (NYSE:WFC) by 0.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,421,237 shares of the financial services provider’s stock after selling 7,866 shares during the period. DAVENPORT & Co LLC’s holdings in Wells Fargo & Company were worth $70,054,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in WFC. Norges Bank bought a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $2,049,693,000. Moneta Group Investment Advisors LLC lifted its stake in Wells Fargo & Company by 129,312.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock worth $1,085,410,000 after acquiring an additional 26,267,166 shares during the period. Renaissance Technologies LLC lifted its stake in Wells Fargo & Company by 1,478.6% in the first quarter. Renaissance Technologies LLC now owns 8,390,611 shares of the financial services provider’s stock worth $406,609,000 after acquiring an additional 7,859,100 shares during the period. Ontario Teachers Pension Plan Board purchased a new stake in Wells Fargo & Company in the first quarter worth $345,861,000. Finally, Imprint Wealth LLC lifted its stake in Wells Fargo & Company by 4,238.0% in the second quarter. Imprint Wealth LLC now owns 4,284,901 shares of the financial services provider’s stock worth $428,490,000 after acquiring an additional 4,186,124 shares during the period. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on WFC. The Goldman Sachs Group raised their price objective on Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a research report on Monday. Citigroup reissued a “neutral” rating and set a $63.00 price objective (up previously from $57.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 20th. HSBC raised their price objective on Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Morgan Stanley raised their price target on Wells Fargo & Company from $54.00 to $63.00 and gave the company an “overweight” rating in a report on Tuesday, January 30th. Finally, Barclays raised their price target on Wells Fargo & Company from $54.00 to $66.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Twelve research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus target price of $56.68.

View Our Latest Analysis on WFC

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded down $0.25 during trading hours on Tuesday, reaching $57.36. 14,632,403 shares of the stock traded hands, compared to its average volume of 18,946,871. The company has a 50 day moving average price of $53.61 and a 200 day moving average price of $47.37. The firm has a market capitalization of $203.08 billion, a price-to-earnings ratio of 11.90, a P/E/G ratio of 1.20 and a beta of 1.19. Wells Fargo & Company has a one year low of $36.27 and a one year high of $58.44. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.24.

Wells Fargo & Company (NYSE:WFCGet Free Report) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.30). The firm had revenue of $20.48 billion for the quarter, compared to the consensus estimate of $20.30 billion. Wells Fargo & Company had a net margin of 16.60% and a return on equity of 12.40%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.67 earnings per share. On average, equities research analysts expect that Wells Fargo & Company will post 4.72 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.44%. Wells Fargo & Company’s dividend payout ratio is currently 29.05%.

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

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