Principal Financial Group Inc. cut its stake in Wells Fargo & Co (NYSE:WFC) by 6.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 7,073,378 shares of the financial services provider’s stock after selling 514,139 shares during the quarter. Principal Financial Group Inc.’s holdings in Wells Fargo & Co were worth $370,715,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of WFC. Viking Global Investors LP raised its holdings in shares of Wells Fargo & Co by 181.3% in the 4th quarter. Viking Global Investors LP now owns 5,338,016 shares of the financial services provider’s stock worth $323,857,000 after buying an additional 3,440,121 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of Wells Fargo & Co in the 1st quarter worth approximately $154,981,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Wells Fargo & Co by 5.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 50,957,630 shares of the financial services provider’s stock worth $2,670,689,000 after buying an additional 2,497,659 shares in the last quarter. CI Global Investments Inc. raised its holdings in shares of Wells Fargo & Co by 701.6% in the 1st quarter. CI Global Investments Inc. now owns 2,037,460 shares of the financial services provider’s stock worth $106,783,000 after buying an additional 1,783,298 shares in the last quarter. Finally, Boston Partners raised its holdings in shares of Wells Fargo & Co by 10.1% in the 1st quarter. Boston Partners now owns 18,850,437 shares of the financial services provider’s stock worth $987,951,000 after buying an additional 1,732,956 shares in the last quarter. 76.10% of the stock is owned by institutional investors and hedge funds.

A number of research firms recently commented on WFC. Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Monday, April 9th. Keefe, Bruyette & Woods upgraded Wells Fargo & Co to a “buy” rating in a research report on Monday, April 30th. Macquarie upgraded Wells Fargo & Co from an “underperform” rating to an “outperform” rating in a research report on Monday, April 30th. Morgan Stanley decreased their price target on Wells Fargo & Co from $64.00 to $60.00 and set an “underweight” rating on the stock in a research report on Monday, April 16th. Finally, Susquehanna Bancshares set a $63.00 price target on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 13th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $62.50.

Shares of Wells Fargo & Co opened at $56.56 on Wednesday, according to Marketbeat.com. The firm has a market capitalization of $270.03 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.50 and a beta of 1.14. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.86 and a current ratio of 0.88. Wells Fargo & Co has a 52 week low of $49.27 and a 52 week high of $66.31.

In other Wells Fargo & Co news, EVP Petros G. Pelos sold 25,567 shares of the stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $54.76, for a total value of $1,400,048.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by company 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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