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

Flputnam Investment Management Co. bought a new position in Wells Fargo & Company (NYSE:WFC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 12,628 shares of the financial services provider's stock, valued at approximately $1,044,000.

Several other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in Wells Fargo & Company during the fourth quarter worth about $4,512,563,000. Capital Research Global Investors raised its position in shares of Wells Fargo & Company by 4.9% in 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 period. Legal & General Group Plc lifted its position in shares of 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 worth $1,975,600,000 after acquiring an additional 188,186 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 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 worth $1,922,257,000 after acquiring an additional 2,369,260 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of Wells Fargo & Company in the second quarter worth $1,364,923,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $83.83 on Friday. 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 firm has a 50-day moving average of $86.08 and a 200-day moving average of $82.97. The firm has a market cap of $253.50 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. 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 posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion for the quarter, compared to analysts' expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business's revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.60 earnings per share. Sell-side analysts expect 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. Shareholders of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. Wells Fargo & Company's dividend payout ratio is currently 29.07%.

Analyst Ratings Changes

Several research firms have recently weighed in on WFC. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. UBS Group reduced their target price on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Robert W. Baird upped their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. upped their target price on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $98.61.

Wells Fargo & Company Profile

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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