92,642 Wells Fargo & Company $WFC Shares Sold by Mcdonald Capital Investors Inc. CA

Key Points

• Mcdonald Capital Investors Inc. CA cut its Wells Fargo position by 14.7%, selling 92,642 shares and retaining 538,701 shares valued at approximately $43.1 million. Institutional investors collectively own 75.9% of the company.
• Analyst sentiment remains positive, with Wells Fargo carrying a consensus “Moderate Buy” rating and an average price target of $98.08, despite some analysts lowering their targets.
• Wells Fargo reported quarterly EPS of $1.87, slightly above expectations, while revenue of $21.87 billion fell short of estimates. The company also declared a $0.50 quarterly dividend, equivalent to a 2.4% yield.

Mcdonald Capital Investors Inc. CA reduced its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 14.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 538,701 shares of the financial services provider's stock after selling 92,642 shares during the quarter. Wells Fargo & Company makes up about 3.5% of Mcdonald Capital Investors Inc. CA's holdings, making the stock its 14th biggest holding. Mcdonald Capital Investors Inc. CA's holdings in Wells Fargo & Company were worth $43,123,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Asset Management One Co. Ltd. raised its stake in shares of Wells Fargo & Company by 3.2% during the third quarter. Asset Management One Co. Ltd. now owns 1,351,469 shares of the financial services provider's stock valued at $108,185,000 after acquiring an additional 41,850 shares during the last quarter. Latitude Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the third quarter worth about $127,000. Oakworth Capital Inc. grew its stake in shares of Wells Fargo & Company by 3.5% in the third quarter. Oakworth Capital Inc. now owns 4,316 shares of the financial services provider's stock worth $345,000 after purchasing an additional 147 shares during the last quarter. Independence Bank of Kentucky grew its stake in shares of Wells Fargo & Company by 44.9% in the third quarter. Independence Bank of Kentucky now owns 1,824 shares of the financial services provider's stock worth $146,000 after purchasing an additional 565 shares during the last quarter. Finally, Black Diamond Financial LLC grew its stake in shares of Wells Fargo & Company by 7.4% in the third quarter. Black Diamond Financial LLC now owns 4,419 shares of the financial services provider's stock worth $354,000 after purchasing an additional 303 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on WFC. Raymond James Financial restated a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Citigroup dropped their price objective on Wells Fargo & Company from $90.00 to $88.00 and set a "neutral" rating for the company in a report on Wednesday, October 14th. Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $94.00 to $90.00 and set a "market perform" rating on the stock in a research report on Wednesday, October 14th. The Goldman Sachs Group set a $94.00 price objective on Wells Fargo & Company in a research report on Tuesday, October 13th. Finally, Bank of America boosted their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.08.

Wells Fargo & Company Trading Up 0.1%

Shares of WFC opened at $82.72 on Wednesday. The firm's 50-day moving average price is $84.43 and its 200-day moving average price is $83.87. The firm has a market capitalization of $250.14 billion, a price-to-earnings ratio of 11.67 and a beta of 0.96. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.02. The company had revenue of $21.87 billion for the quarter, compared to analysts' expectations of $22.30 billion. During the same quarter in the prior year, the firm earned $1.66 EPS. Wells Fargo & Company's quarterly revenue was up 2.0% compared to the same quarter last year. On average, research analysts forecast that Wells Fargo & Company will post 7.27 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 6th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, November 6th. Wells Fargo & Company's payout ratio is presently 28.21%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.

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