ICICI Prudential Asset Management Co Ltd lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 10.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 131,595 shares of the financial services provider’s stock after selling 16,082 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Wells Fargo & Company were worth $6,594,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Allspring Global Investments Holdings LLC bought a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $17,337,000. Qube Research & Technologies Ltd purchased a new position in Wells Fargo & Company during the 4th quarter valued at approximately $31,496,000. Telemus Capital LLC purchased a new position in Wells Fargo & Company during the 4th quarter valued at approximately $200,000. FDx Advisors Inc. grew its holdings in Wells Fargo & Company by 107.6% during the 4th quarter. FDx Advisors Inc. now owns 29,038 shares of the financial services provider’s stock valued at $1,393,000 after buying an additional 15,052 shares in the last quarter. Finally, Cim Investment Management Inc. grew its holdings in Wells Fargo & Company by 98.1% during the 4th quarter. Cim Investment Management Inc. now owns 18,339 shares of the financial services provider’s stock valued at $866,000 after buying an additional 9,080 shares in the last quarter. Institutional investors own 74.01% of the company’s stock.
Wells Fargo & Company Trading Up 2.4 %
WFC traded up $1.03 on Friday, reaching $43.80. 1,244,251 shares of the company traded hands, compared to its average volume of 18,760,930. Wells Fargo & Company has a one year low of $36.54 and a one year high of $60.30. The firm has a fifty day simple moving average of $41.55 and a two-hundred day simple moving average of $47.03. The company has a market cap of $166.14 billion, a P/E ratio of 10.49, a price-to-earnings-growth ratio of 1.08 and a beta of 1.18. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.94.
Wells Fargo & Company Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 5th will be given a dividend of $0.30 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, August 4th. This represents a $1.20 dividend on an annualized basis and a yield of 2.74%. Wells Fargo & Company’s dividend payout ratio (DPR) is 23.98%.
Analyst Upgrades and Downgrades
Several research firms have weighed in on WFC. Raymond James cut their price target on Wells Fargo & Company from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, June 24th. Barclays cut their price target on Wells Fargo & Company from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Monday, July 18th. Citigroup lowered their price objective on Wells Fargo & Company from $56.00 to $47.00 and set a “buy” rating for the company in a research note on Tuesday, July 12th. The Goldman Sachs Group raised their price objective on Wells Fargo & Company from $54.00 to $56.00 in a research note on Thursday, April 14th. Finally, BMO Capital Markets lowered their price objective on Wells Fargo & Company from $64.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday, April 18th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.31.
About Wells Fargo & Company
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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