Flputnam Investment Management Co. Has $1.04 Million Position in Wells Fargo & Company $WFC

Key Points

• Flputnam Investment Management Co. reduced its Wells Fargo stake by 75.9% in the second quarter, selling 39,860 shares and retaining 12,628 shares valued at approximately $1.04 million.
• Analysts maintain a generally positive view of Wells Fargo, with a consensus rating of “Moderate Buy” and an average price target of $98.61, compared with the stock’s reported price of $86.42.
• Wells Fargo reported quarterly EPS of $1.96, beating estimates of $1.73, while revenue rose 8.6% year over year. The company also increased its quarterly dividend from $0.45 to $0.50 per share, implying a 2.3% annual yield.

Flputnam Investment Management Co. cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 75.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,628 shares of the financial services provider's stock after selling 39,860 shares during the period. Flputnam Investment Management Co.'s holdings in Wells Fargo & Company were worth $1,044,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in WFC. Norges Bank purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at $4,512,563,000. Capital Research Global Investors boosted its position in Wells Fargo & Company by 4.9% during the fourth quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock valued at $3,487,687,000 after purchasing an additional 1,760,484 shares during the last quarter. Legal & General Group Plc boosted its position in Wells Fargo & Company by 0.9% during the fourth quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider's stock valued at $1,975,600,000 after purchasing an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Wells Fargo & Company by 13.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider's stock valued at $1,922,257,000 after purchasing an additional 2,369,260 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Wells Fargo & Company in the second quarter valued at about $1,364,923,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on WFC. Morgan Stanley raised their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. UBS Group dropped their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a report on Tuesday, July 7th. Robert W. Baird raised their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus target price of $98.61.

Wells Fargo & Company Price Performance

NYSE WFC opened at $86.42 on Tuesday. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The company has a fifty day simple moving average of $86.32 and a 200 day simple moving average of $82.59. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The company has a market cap of $261.33 billion, a P/E ratio of 12.56, a P/E/G ratio of 0.94 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.60 EPS. On average, sell-side analysts predict that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date is Friday, August 7th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company's dividend payout ratio is presently 29.07%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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