Texas Permanent School Fund lowered its position in shares of Wells Fargo & Co. (NYSE:WFC) by 6.7% during the third quarter, Holdings Channel reports. The institutional investor owned 1,398,471 shares of the financial services provider’s stock after selling 100,486 shares during the period. Wells Fargo & Co. accounts for about 0.8% of Texas Permanent School Fund’s investment portfolio, making the stock its 16th largest position. Texas Permanent School Fund’s holdings in Wells Fargo & Co. were worth $61,924,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in WFC. Global X Management Co. LLC boosted its stake in shares of Wells Fargo & Co. by 64.8% in the second quarter. Global X Management Co. LLC now owns 2,301 shares of the financial services provider’s stock worth $109,000 after buying an additional 905 shares in the last quarter. Tradewinds Capital Management LLC boosted its stake in shares of Wells Fargo & Co. by 4.7% in the second quarter. Tradewinds Capital Management LLC now owns 3,253 shares of the financial services provider’s stock worth $154,000 after buying an additional 147 shares in the last quarter. Cedar Wealth Management LLC boosted its stake in shares of Wells Fargo & Co. by 47.8% in the second quarter. Cedar Wealth Management LLC now owns 3,276 shares of the financial services provider’s stock worth $155,000 after buying an additional 1,059 shares in the last quarter. Gemmer Asset Management LLC boosted its stake in shares of Wells Fargo & Co. by 6.7% in the second quarter. Gemmer Asset Management LLC now owns 3,735 shares of the financial services provider’s stock worth $177,000 after buying an additional 234 shares in the last quarter. Finally, Bellwether Investment Group LLC bought a new stake in shares of Wells Fargo & Co. during the second quarter worth approximately $186,000. Institutional investors own 72.76% of the company’s stock.

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

Wells Fargo & Co. (NYSE:WFC) opened at 52.61 on Wednesday. The stock’s 50 day moving average is $47.82 and its 200-day moving average is $47.86. Wells Fargo & Co. has a 12 month low of $43.55 and a 12 month high of $56.24. The stock has a market capitalization of $264.22 billion, a price-to-earnings ratio of 13.05 and a beta of 0.93.

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

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

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WFC has been the topic of a number of analyst reports. Atlantic Securities cut Wells Fargo & Co. from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $46.15 to $44.00 in a research report on Friday, September 16th. Rafferty Capital Markets cut Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $44.00 price objective on the stock. in a research report on Friday, September 9th. Sandler O’Neill reaffirmed a “hold” rating on shares of Wells Fargo & Co. in a research report on Friday, September 30th. Raymond James Financial Inc. cut Wells Fargo & Co. from a “market perform” rating to an “underperform” rating in a research report on Tuesday, October 4th. Finally, Keefe, Bruyette & Woods set a $57.00 price objective on Wells Fargo & Co. and gave the company a “buy” rating in a research report on Thursday, October 13th. Nine analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average 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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