Primecap Management Co. CA Cuts Stock Position in Wells Fargo & Company (NYSE:WFC)

Primecap Management Co. CA lessened its stake in Wells Fargo & Company (NYSE:WFC) by 2.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 42,829,870 shares of the financial services provider’s stock after selling 878,510 shares during the quarter. Wells Fargo & Company makes up about 1.7% of Primecap Management Co. CA’s portfolio, making the stock its 15th biggest holding. Primecap Management Co. CA owned 1.18% of Wells Fargo & Company worth $2,108,086,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Norges Bank purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth $2,623,044,000. Northern Trust Corp grew its holdings in shares of Wells Fargo & Company by 0.3% during the third quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock worth $1,560,755,000 after buying an additional 129,300 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Wells Fargo & Company by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,237,905 shares of the financial services provider’s stock valued at $1,143,770,000 after acquiring an additional 526,178 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Wells Fargo & Company by 3.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,941,772 shares of the financial services provider’s stock valued at $932,352,000 after acquiring an additional 596,521 shares during the last quarter. Finally, Pzena Investment Management LLC boosted its position in shares of Wells Fargo & Company by 1.9% during the 3rd quarter. Pzena Investment Management LLC now owns 18,269,318 shares of the financial services provider’s stock valued at $746,484,000 after acquiring an additional 335,560 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on WFC shares. HSBC boosted their price target on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Compass Point reaffirmed a “neutral” rating and issued a $64.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, April 9th. StockNews.com raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. The Goldman Sachs Group upped their target price on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Finally, Morgan Stanley upped their target price on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Fourteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $58.99.

Wells Fargo & Company Trading Up 0.9 %

Shares of NYSE WFC traded up $0.53 during midday trading on Friday, hitting $60.21. The stock had a trading volume of 9,270,821 shares, compared to its average volume of 18,429,246. The company has a market capitalization of $209.91 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.60 and a beta of 1.18. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. The company has a fifty day moving average price of $59.03 and a 200 day moving average price of $52.40.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.10 by $0.10. The firm had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. Wells Fargo & Company’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 EPS. On average, analysts predict that Wells Fargo & Company will post 5.08 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Thursday, May 9th. Wells Fargo & Company’s payout ratio is 29.23%.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.