Wells Fargo & Co (WFC) Position Boosted by OLD National Bancorp IN

OLD National Bancorp IN increased its stake in Wells Fargo & Co (NYSE:WFC) by 5.8% during the third quarter, HoldingsChannel.com reports. The fund owned 66,957 shares of the financial services provider’s stock after buying an additional 3,655 shares during the period. OLD National Bancorp IN’s holdings in Wells Fargo & Co were worth $3,519,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Rothschild Asset Management Inc. increased its holdings in shares of Wells Fargo & Co by 1.0% during the second quarter. Rothschild Asset Management Inc. now owns 589,885 shares of the financial services provider’s stock valued at $32,703,000 after acquiring an additional 5,584 shares in the last quarter. Commonwealth Bank of Australia increased its holdings in shares of Wells Fargo & Co by 15.3% during the second quarter. Commonwealth Bank of Australia now owns 748,401 shares of the financial services provider’s stock valued at $41,434,000 after acquiring an additional 99,137 shares in the last quarter. Berkshire Asset Management LLC PA increased its holdings in shares of Wells Fargo & Co by 3.3% during the third quarter. Berkshire Asset Management LLC PA now owns 507,054 shares of the financial services provider’s stock valued at $26,651,000 after acquiring an additional 16,315 shares in the last quarter. R. G. Niederhoffer Capital Management Inc. bought a new stake in shares of Wells Fargo & Co during the second quarter valued at approximately $1,308,000. Finally, Colony Group LLC increased its holdings in shares of Wells Fargo & Co by 76.3% during the second quarter. Colony Group LLC now owns 54,576 shares of the financial services provider’s stock valued at $3,026,000 after acquiring an additional 23,621 shares in the last quarter. 77.59% of the stock is currently owned by institutional investors.

WFC has been the subject of several recent research reports. UBS Group set a $63.00 price objective on Wells Fargo & Co and gave the company a “buy” rating in a report on Friday, September 28th. Edward Jones upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday, September 17th. Zacks Investment Research upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a report on Saturday, July 7th. Nomura decreased their price objective on Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating for the company in a report on Monday, October 15th. Finally, Morgan Stanley decreased their price objective on Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating for the company in a report on Monday, July 16th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the company. Wells Fargo & Co has a consensus rating of “Hold” and a consensus target price of $63.79.



Shares of NYSE WFC opened at $52.69 on Wednesday. Wells Fargo & Co has a one year low of $50.02 and a one year high of $66.31. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.87. The firm has a market cap of $249.98 billion, a PE ratio of 12.82, a PEG ratio of 1.11 and a beta of 1.15.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $21.90 billion. As a group, research analysts expect that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Friday, November 9th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.26%. Wells Fargo & Co’s dividend payout ratio is presently 41.85%.

Wells Fargo & Co announced that its Board of Directors has initiated a share repurchase program on Tuesday, October 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

In related news, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction dated 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 sale, the executive vice president now directly 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 corporate insiders.

Wells Fargo & Co Company 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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