TD Asset Management Inc Has $116.32 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Key Points

• TD Asset Management Inc reduced its stake in Wells Fargo & Company by 0.6%, holding 1,620,343 shares worth approximately $116.3 million after selling 10,306 shares in the first quarter.
• Wells Fargo reported an EPS of $1.54 for the quarter, beating estimates by $0.13, while revenue was slightly below expectations at $20.82 billion.
• The company has authorized a $40 billion share repurchase plan, indicating leadership's belief that its shares are undervalued.

TD Asset Management Inc cut its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 0.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,620,343 shares of the financial services provider's stock after selling 10,306 shares during the quarter. TD Asset Management Inc's holdings in Wells Fargo & Company were worth $116,324,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC grew its holdings in Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after buying an additional 25,436 shares during the last quarter. Congress Wealth Management LLC DE boosted its stake in Wells Fargo & Company by 17.2% in the fourth quarter. Congress Wealth Management LLC DE now owns 7,452 shares of the financial services provider's stock valued at $524,000 after acquiring an additional 1,091 shares during the period. WINTON GROUP Ltd raised its holdings in Wells Fargo & Company by 77.5% during the fourth quarter. WINTON GROUP Ltd now owns 11,130 shares of the financial services provider's stock worth $782,000 after purchasing an additional 4,859 shares in the last quarter. AssuredPartners Investment Advisors LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter valued at $352,000. Finally, Loomis Sayles & Co. L P raised its stake in Wells Fargo & Company by 16.5% during the 4th quarter. Loomis Sayles & Co. L P now owns 1,384 shares of the financial services provider's stock valued at $97,000 after purchasing an additional 196 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on WFC. TD Cowen began coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective for the company. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Barclays reduced their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. The Goldman Sachs Group dropped their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, Bank of America upped their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $80.39.

Wells Fargo & Company Stock Down 1.5%

WFC traded down $1.29 on Monday, reaching $83.03. The company's stock had a trading volume of 10,625,988 shares, compared to its average volume of 17,680,338. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The business's 50 day moving average is $77.86 and its 200 day moving average is $74.63. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $84.83. The stock has a market cap of $270.19 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.31 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The company's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.33 EPS. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its Board of Directors has authorized a share repurchase program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 1.93%. Wells Fargo & Company's payout ratio is 27.40%.

Wells Fargo & 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.