ARGA Investment Management LP Sells 5,825 Shares of Wells Fargo & Co (WFC)

ARGA Investment Management LP lowered its position in shares of Wells Fargo & Co (NYSE:WFC) by 6.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 82,725 shares of the financial services provider’s stock after selling 5,825 shares during the quarter. Wells Fargo & Co accounts for 0.6% of ARGA Investment Management LP’s holdings, making the stock its 16th biggest position. ARGA Investment Management LP’s holdings in Wells Fargo & Co were worth $4,348,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in WFC. Cedar Capital LLC boosted its holdings in shares of Wells Fargo & Co by 13.3% in the 2nd quarter. Cedar Capital LLC now owns 7,383 shares of the financial services provider’s stock valued at $409,000 after buying an additional 867 shares during the last quarter. Kessler Investment Group LLC boosted its holdings in shares of Wells Fargo & Co by 2.3% in the 2nd quarter. Kessler Investment Group LLC now owns 38,680 shares of the financial services provider’s stock valued at $2,144,000 after buying an additional 875 shares during the last quarter. Proficio Capital Partners LLC boosted its holdings in shares of Wells Fargo & Co by 18.4% in the 2nd quarter. Proficio Capital Partners LLC now owns 5,699 shares of the financial services provider’s stock valued at $316,000 after buying an additional 886 shares during the last quarter. GHP Investment Advisors Inc. boosted its holdings in shares of Wells Fargo & Co by 2.9% in the 2nd quarter. GHP Investment Advisors Inc. now owns 31,775 shares of the financial services provider’s stock valued at $1,762,000 after buying an additional 886 shares during the last quarter. Finally, Community Trust & Investment Co. boosted its holdings in shares of Wells Fargo & Co by 13.1% in the 2nd quarter. Community Trust & Investment Co. now owns 7,723 shares of the financial services provider’s stock valued at $428,000 after buying an additional 894 shares during the last quarter. 77.59% of the stock is owned by hedge funds and other institutional investors.

WFC opened at $53.61 on Monday. Wells Fargo & Co has a 1-year low of $50.02 and a 1-year high of $66.31. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $261.50 billion, a P/E ratio of 13.04, a price-to-earnings-growth ratio of 1.14 and a beta of 1.01.

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

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

Wells Fargo & Co declared that its board has authorized a stock repurchase program on Tuesday, October 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

WFC has been the subject of several recent analyst reports. Edward Jones raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday, September 17th. Macquarie dropped their price target on Wells Fargo & Co from $63.00 to $62.00 and set a “neutral” rating on the stock in a research note on Monday, September 17th. UBS Group set a $63.00 price target on Wells Fargo & Co and gave the company a “buy” rating in a research note on Friday, September 28th. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Tuesday, September 18th. Finally, Wolfe Research initiated coverage on Wells Fargo & Co in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $63.79.

In other Wells Fargo & Co news, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction on Monday, August 13th. The stock was sold at an average price of $58.01, for a total value of $1,450,250.00. Following the transaction, the executive vice president now owns 109 shares in the company, valued at approximately $6,323.09. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

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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