Wells Fargo & Co (WFC) Stake Boosted by TCW Group Inc.

TCW Group Inc. lifted its position in shares of Wells Fargo & Co (NYSE:WFC) by 30.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,662 shares of the financial services provider’s stock after purchasing an additional 11,300 shares during the quarter. TCW Group Inc.’s holdings in Wells Fargo & Co were worth $2,558,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WFC. Cedar Capital LLC raised its holdings in shares of Wells Fargo & Co by 13.3% during the second quarter. Cedar Capital LLC now owns 7,383 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 867 shares during the period. Kessler Investment Group LLC raised its holdings in shares of Wells Fargo & Co by 2.3% during the second quarter. Kessler Investment Group LLC now owns 38,680 shares of the financial services provider’s stock worth $2,144,000 after acquiring an additional 875 shares during the period. Proficio Capital Partners LLC raised its holdings in shares of Wells Fargo & Co by 18.4% during the second quarter. Proficio Capital Partners LLC now owns 5,699 shares of the financial services provider’s stock worth $316,000 after acquiring an additional 886 shares during the period. GHP Investment Advisors Inc. raised its holdings in shares of Wells Fargo & Co by 2.9% during the second quarter. GHP Investment Advisors Inc. now owns 31,775 shares of the financial services provider’s stock worth $1,762,000 after acquiring an additional 886 shares during the period. Finally, Community Trust & Investment Co. raised its holdings in shares of Wells Fargo & Co by 13.1% during the second quarter. Community Trust & Investment Co. now owns 7,723 shares of the financial services provider’s stock worth $428,000 after acquiring an additional 894 shares during the period. 77.59% of the stock is currently owned by institutional investors.

In other news, EVP Avid Modjtabai sold 100,000 shares of Wells Fargo & Co stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $58.71, for a total value of $5,871,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Hope A. Hardison sold 25,000 shares of Wells Fargo & Co stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the transaction, the executive vice president now directly owns 109 shares of the company’s stock, valued at approximately $6,323.09. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

A number of brokerages recently commented on WFC. Zacks Investment Research lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Sunday, July 15th. Keefe, Bruyette & Woods upgraded shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $57.00 to $63.00 in a research note on Sunday, July 15th. They noted that the move was a valuation call. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. Citigroup upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday. Finally, Susquehanna Bancshares set a $63.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 13th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $63.79.

Shares of WFC stock opened at $53.61 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. Wells Fargo & Co has a 1 year low of $50.02 and a 1 year high of $66.31. The firm has a market capitalization of $259.64 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.13 and a beta of 1.00.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The firm had revenue of $21.94 billion during the quarter, compared to the consensus estimate of $21.90 billion. Research analysts expect that Wells Fargo & Co will post 4.5 EPS for the current year.

Wells Fargo & Co declared that its Board of Directors has approved a share repurchase plan on Tuesday, October 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Friday, November 9th will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 41.85%.

Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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

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