Newman Dignan & Sheerar Inc. cut its stake in shares of Wells Fargo & Co. (NYSE:WFC) by 2.4% during the third quarter, Holdings Channel reports. The institutional investor owned 29,049 shares of the financial services provider’s stock after selling 715 shares during the period. Newman Dignan & Sheerar Inc.’s holdings in Wells Fargo & Co. were worth $1,286,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Annex Advisory Services LLC increased its position in Wells Fargo & Co. by 0.4% in the second quarter. Annex Advisory Services LLC now owns 6,422 shares of the financial services provider’s stock valued at $304,000 after buying an additional 25 shares during the last quarter. Bollard Group LLC increased its position in Wells Fargo & Co. by 0.8% in the second quarter. Bollard Group LLC now owns 4,411 shares of the financial services provider’s stock valued at $209,000 after buying an additional 33 shares during the last quarter. Alpha Windward LLC increased its position in Wells Fargo & Co. by 0.6% in the third quarter. Alpha Windward LLC now owns 6,453 shares of the financial services provider’s stock valued at $286,000 after buying an additional 37 shares during the last quarter. Oakworth Capital Inc. increased its position in Wells Fargo & Co. by 0.3% in the second quarter. Oakworth Capital Inc. now owns 14,625 shares of the financial services provider’s stock valued at $741,000 after buying an additional 40 shares during the last quarter. Finally, Sharkey Howes & Javer increased its position in Wells Fargo & Co. by 0.7% in the second quarter. Sharkey Howes & Javer now owns 5,915 shares of the financial services provider’s stock valued at $280,000 after buying an additional 44 shares during the last quarter. 72.76% of the stock is owned by institutional investors and hedge funds.

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

Wells Fargo & Co. (NYSE:WFC) traded up 0.54% during midday trading on Tuesday, reaching $51.86. The company’s stock had a trading volume of 16,267,266 shares. Wells Fargo & Co. has a 52-week low of $43.55 and a 52-week high of $56.24. The stock has a market capitalization of $260.46 billion, a price-to-earnings ratio of 12.87 and a beta of 0.93. The firm has a 50-day moving average price of $47.88 and a 200 day moving average price of $47.86.

Wells Fargo & Co. (NYSE:WFC) last released its earnings results on Friday, October 14th. The financial services provider reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.02. Wells Fargo & Co. had a net margin of 23.91% and a return on equity of 12.72%. The business earned $22.30 billion during the quarter. During the same quarter in the previous year, the business posted $1.05 EPS. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Co. will post $4.03 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Friday, November 4th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Wednesday, November 2nd. Wells Fargo & Co.’s payout ratio is presently 37.44%.

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Several equities analysts have weighed in on the company. Guggenheim downgraded Wells Fargo & Co. from a “buy” rating to a “neutral” rating and raised their price target for the stock from $43.55 to $53.22 in a research report on Tuesday, November 15th. Citigroup Inc. downgraded Wells Fargo & Co. to an “underperform” rating in a research report on Friday, November 18th. Jefferies Group downgraded Wells Fargo & Co. from a “buy” rating to a “hold” rating in a research report on Monday. Vetr raised Wells Fargo & Co. from a “strong sell” rating to a “sell” rating and set a $46.56 price objective for the company in a research report on Monday. Finally, BMO Capital Markets downgraded Wells Fargo & Co. from a “market perform” rating to an “underperform” rating and lifted their price objective for the company from $43.55 to $47.00 in a research report on Friday, November 18th. They noted that the move was a valuation call. Nine investment analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $49.57.

Wells Fargo & Co. Company Profile

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

5 Day Chart for NYSE:WFC

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