Wells Fargo & Co (WFC) Holdings Cut by PVG Asset Management Corp

PVG Asset Management Corp decreased its position in Wells Fargo & Co (NYSE:WFC) by 20.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,727 shares of the financial services provider’s stock after selling 9,908 shares during the quarter. Wells Fargo & Co accounts for 1.8% of PVG Asset Management Corp’s portfolio, making the stock its 28th biggest holding. PVG Asset Management Corp’s holdings in Wells Fargo & Co were worth $1,784,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its position in shares of Wells Fargo & Co by 4,415.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,790,126 shares of the financial services provider’s stock valued at $473,000 after purchasing an additional 21,307,608 shares during the last quarter. Standard Life Aberdeen plc increased its position in shares of Wells Fargo & Co by 75.7% during the 4th quarter. Standard Life Aberdeen plc now owns 6,606,543 shares of the financial services provider’s stock valued at $300,795,000 after purchasing an additional 2,847,214 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Wells Fargo & Co by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after purchasing an additional 2,114,810 shares during the last quarter. Magnolia Group LLC increased its position in shares of Wells Fargo & Co by 82.4% during the 4th quarter. Magnolia Group LLC now owns 4,114,450 shares of the financial services provider’s stock valued at $189,594,000 after purchasing an additional 1,858,550 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Wells Fargo & Co by 93.6% during the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 3,032,336 shares of the financial services provider’s stock valued at $139,730,000 after purchasing an additional 1,465,860 shares during the last quarter. 72.13% of the stock is currently owned by institutional investors and hedge funds.

WFC has been the topic of several analyst reports. Keefe, Bruyette & Woods downgraded Wells Fargo & Co from an “outperform” rating to a “market perform” rating and cut their target price for the company from $58.00 to $50.00 in a research report on Sunday, March 31st. Deutsche Bank downgraded Wells Fargo & Co from a “buy” rating to a “hold” rating and cut their target price for the company from $56.00 to $54.00 in a research report on Friday, March 29th. Bank of America downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating in a research report on Monday, April 15th. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Saturday, January 12th. Finally, BMO Capital Markets dropped their price objective on Wells Fargo & Co from $65.00 to $63.00 and set a “market perform” rating for the company in a report on Monday, April 15th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $56.35.

Shares of NYSE WFC traded up $0.41 during mid-day trading on Friday, reaching $47.15. 19,983,381 shares of the company were exchanged, compared to its average volume of 21,850,808. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.88 and a quick ratio of 0.87. The stock has a market capitalization of $227.99 billion, a P/E ratio of 10.76, a price-to-earnings-growth ratio of 0.88 and a beta of 1.09. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $59.53.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. The firm had revenue of $21.61 billion during the quarter, compared to analysts’ expectations of $20.89 billion. During the same period in the prior year, the business posted $0.96 EPS. As a group, equities research analysts anticipate that Wells Fargo & Co will post 4.75 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend is Thursday, May 9th. Wells Fargo & Co’s dividend payout ratio is currently 41.10%.

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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. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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

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