GLOBALT Investments LLC GA Decreases Stock Holdings in Wells Fargo & Company $WFC

Key Points

• GLOBALT Investments LLC reduced its holdings in Wells Fargo by 4.7%, now owning 124,721 shares worth approximately $9.99 million, following a sale of 6,131 shares.
• Wells Fargo's stock has a recent price of $84.35 and reported earnings of $1.66 EPS for the last quarter, exceeding analysts' expectations.
• The company recently increased its quarterly dividend to $0.45 per share, representing an annualized dividend of $1.80 and a yield of 2.1%.

GLOBALT Investments LLC GA reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 4.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 124,721 shares of the financial services provider's stock after selling 6,131 shares during the period. GLOBALT Investments LLC GA's holdings in Wells Fargo & Company were worth $9,993,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of WFC. Livforsakringsbolaget Skandia Omsesidigt raised its position in Wells Fargo & Company by 2,735,254.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock valued at $76,095,550,000 after purchasing an additional 949,735,001 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Wells Fargo & Company by 277.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after buying an additional 7,894,919 shares during the period. Strs Ohio bought a new position in shares of Wells Fargo & Company during the first quarter valued at approximately $109,643,000. Canada Pension Plan Investment Board lifted its stake in Wells Fargo & Company by 34.6% in the first quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider's stock worth $381,016,000 after acquiring an additional 1,365,629 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Wells Fargo & Company by 30.5% in the first quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider's stock worth $353,668,000 after acquiring an additional 1,152,181 shares during the period. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Up 0.6%

Shares of Wells Fargo & Company stock opened at $84.35 on Friday. The company has a market cap of $270.22 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 1.15 and a beta of 1.25. The company's 50 day moving average is $81.71 and its 200 day moving average is $77.44. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping analysts' consensus estimates of $1.55 by $0.11. The business had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm's revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 EPS. Research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a dividend of $0.45 per share. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is presently 29.61%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on WFC. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Saturday, October 4th. Keefe, Bruyette & Woods raised their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "market perform" rating in a report on Wednesday, October 15th. TD Cowen upped their target price on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a "hold" rating in a report on Wednesday, October 15th. Cfra Research upgraded Wells Fargo & Company to a "moderate buy" rating in a research note on Wednesday, October 15th. Finally, Evercore ISI upped their price target on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 30th. Eleven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $89.57.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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