First Long Island Investors LLC raised its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 41.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 271,789 shares of the financial services provider’s stock after acquiring an additional 80,301 shares during the quarter. Wells Fargo & Co comprises approximately 1.9% of First Long Island Investors LLC’s portfolio, making the stock its 22nd biggest holding. First Long Island Investors LLC’s holdings in Wells Fargo & Co were worth $14,285,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of WFC. Sanders Capital LLC bought a new stake in Wells Fargo & Co during the 2nd quarter valued at $952,809,000. Charles Schwab Investment Advisory Inc. bought a new stake in Wells Fargo & Co during the 2nd quarter valued at $321,220,000. American Century Companies Inc. raised its holdings in Wells Fargo & Co by 29.9% during the 2nd quarter. American Century Companies Inc. now owns 10,583,847 shares of the financial services provider’s stock valued at $586,768,000 after acquiring an additional 2,436,521 shares during the period. Boston Partners raised its holdings in Wells Fargo & Co by 12.6% during the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock valued at $1,176,604,000 after acquiring an additional 2,372,583 shares during the period. Finally, Royal London Asset Management Ltd. bought a new stake in Wells Fargo & Co during the 2nd quarter valued at $118,780,000. 77.50% of the stock is currently owned by institutional investors and hedge funds.

In related news, EVP Hope A. Hardison sold 25,000 shares of the company’s stock in a transaction on Monday, August 13th. The shares were sold at an average price of $58.01, for a total value of $1,450,250.00. Following the completion of the transaction, the executive vice president now directly owns 109 shares in the company, valued at $6,323.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Avid Modjtabai sold 100,000 shares of the company’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by insiders.

WFC has been the subject of a number of recent analyst reports. Edward Jones upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Monday, September 17th. Macquarie reduced their price target on shares of Wells Fargo & Co from $63.00 to $62.00 and set a “neutral” rating for the company in a research report on Monday, September 17th. UBS Group set a $63.00 price target on shares of Wells Fargo & Co and gave the company a “buy” rating in a research report on Friday, September 28th. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Tuesday, September 18th. Finally, Wolfe Research initiated coverage on shares of Wells Fargo & Co in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the stock. Wells Fargo & Co currently has a consensus rating of “Buy” and a consensus price target of $63.79.

Shares of NYSE:WFC opened at $53.04 on Friday. Wells Fargo & Co has a 52-week low of $50.02 and a 52-week high of $66.31. The firm has a market capitalization of $261.20 billion, a P/E ratio of 12.91, a P/E/G ratio of 1.07 and a beta of 1.01. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.26.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. The company had revenue of $21.94 billion during the quarter, compared to analysts’ expectations of $21.90 billion. Sell-side analysts predict that Wells Fargo & Co will post 4.5 EPS for the current year.

Wells Fargo & Co declared that its Board of Directors has initiated a stock repurchase program on Tuesday, October 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Friday, November 9th will be given a $0.43 dividend. The ex-dividend date is Thursday, November 8th. This represents a $1.72 annualized dividend and a yield of 3.24%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 41.85%.

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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. 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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