Hotchkis & Wiley Capital Management LLC raised its position in shares of Wells Fargo & Company (NYSE:WFC) by 49.5% during the first quarter, Holdings Channel reports. The fund owned 9,713,557 shares of the financial services provider’s stock after buying an additional 3,214,592 shares during the period. Wells Fargo & comprises 2.1% of Hotchkis & Wiley Capital Management LLC’s portfolio, making the stock its 12th largest position. Hotchkis & Wiley Capital Management LLC’s holdings in Wells Fargo & were worth $540,657,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Argent Capital Management LLC boosted its position in shares of Wells Fargo & by 40.2% in the first quarter. Argent Capital Management LLC now owns 418,696 shares of the financial services provider’s stock worth $23,305,000 after buying an additional 120,093 shares during the last quarter. Alley Co LLC boosted its position in shares of Wells Fargo & by 63.8% in the first quarter. Alley Co LLC now owns 96,424 shares of the financial services provider’s stock worth $5,367,000 after buying an additional 37,546 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Wells Fargo & by 6.1% in the first quarter. Artisan Partners Limited Partnership now owns 1,237,557 shares of the financial services provider’s stock worth $68,882,000 after buying an additional 71,330 shares during the last quarter. Westpac Banking Corp boosted its position in shares of Wells Fargo & by 42.4% in the first quarter. Westpac Banking Corp now owns 1,423,653 shares of the financial services provider’s stock worth $72,929,000 after buying an additional 423,805 shares during the last quarter. Finally, Giverny Capital Inc. boosted its position in shares of Wells Fargo & by 0.5% in the first quarter. Giverny Capital Inc. now owns 517,016 shares of the financial services provider’s stock worth $28,777,000 after buying an additional 2,689 shares during the last quarter. 75.85% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company (WFC) traded down 0.7126% on Wednesday, hitting $52.3344. 1,650,594 shares of the stock traded hands. The stock has a 50 day moving average of $54.40 and a 200 day moving average of $55.07. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99. The firm has a market capitalization of $259.93 billion, a PE ratio of 12.8902 and a beta of 0.95.

Wells Fargo & (NYSE:WFC) last announced its earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.05. The company had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.01 earnings per share. Equities research analysts anticipate that Wells Fargo & Company will post $4.17 earnings per share for the current year.

Wells Fargo & announced that its board has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 4th will be issued a $0.39 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $1.56 annualized dividend and a dividend yield of 2.96%. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio is currently 38.42%.

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A number of equities analysts have issued reports on the stock. BidaskClub cut shares of Wells Fargo & from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. BMO Capital Markets raised shares of Wells Fargo & from an “underperform” rating to a “market perform” rating and reduced their price objective for the company from $50.00 to $47.00 in a research note on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Wells Fargo & in a research note on Sunday, July 30th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Wells Fargo & in a research note on Friday, July 28th. Finally, Berenberg Bank cut shares of Wells Fargo & from a “hold” rating to a “sell” rating and raised their price objective for the company from $35.00 to $45.00 in a research note on Friday, July 21st. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Wells Fargo & currently has a consensus rating of “Hold” and an average price target of $55.87.

In other news, insider Michael J. Loughlin sold 20,000 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $52.16, for a total value of $1,043,200.00. Following the completion of the sale, the insider now owns 7 shares in the company, valued at $365.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider David M. Carroll sold 27,582 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $53.28, for a total transaction of $1,469,568.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 131,278 shares of company stock valued at $6,940,120. 0.22% of the stock is currently owned by corporate insiders.

About Wells Fargo &

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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

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