Wells Fargo & Company $WFC Stock: AIA Group Ltd Lowers Position

AIA Group Ltd lowered its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 7.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 288,290 shares of the financial services provider's stock after selling 23,121 shares during the period. AIA Group Ltd's holdings in Wells Fargo & Company were worth $23,078,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capstone Financial Advisors Inc. lifted its stake in shares of Wells Fargo & Company by 3.5% in the 2nd quarter. Capstone Financial Advisors Inc. now owns 3,354 shares of the financial services provider's stock valued at $277,000 after purchasing an additional 113 shares during the period. MFA Wealth Services grew its position in shares of Wells Fargo & Company by 0.7% in the 2nd quarter. MFA Wealth Services now owns 16,712 shares of the financial services provider's stock worth $1,381,000 after buying an additional 115 shares during the period. Hidden Cove Wealth Management LLC grew its position in shares of Wells Fargo & Company by 1.8% in the 2nd quarter. Hidden Cove Wealth Management LLC now owns 6,846 shares of the financial services provider's stock worth $566,000 after buying an additional 124 shares during the period. Five Oceans Advisors increased its stake in shares of Wells Fargo & Company by 3.6% in the 2nd quarter. Five Oceans Advisors now owns 3,625 shares of the financial services provider's stock worth $300,000 after acquiring an additional 125 shares in the last quarter. Finally, Pines Wealth Management LLC increased its stake in shares of Wells Fargo & Company by 1.5% in the 2nd quarter. Pines Wealth Management LLC now owns 8,650 shares of the financial services provider's stock worth $715,000 after acquiring an additional 126 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on WFC shares. JPMorgan Chase & Co. lifted their price target on shares of Wells Fargo & Company from $91.50 to $92.00 and gave the company a "neutral" rating in a research report on Friday, October 30th. Raymond James Financial restated a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Royal Bank Of Canada decreased their target price on shares of Wells Fargo & Company from $100.00 to $92.00 and set an "outperform" rating for the company in a research note on Wednesday, October 14th. UBS Group lowered their target price on shares of Wells Fargo & Company from $104.00 to $102.00 and set a "buy" rating for the company in a report on Monday, October 5th. Finally, TD Cowen started coverage on shares of Wells Fargo & Company in a report on Thursday, October 8th. They set a "buy" rating and a $95.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and an average price target of $98.11.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $85.50 on Wednesday. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.89 and a quick ratio of 0.89. The business has a fifty day moving average price of $84.38 and a 200-day moving average price of $83.64. The company has a market capitalization of $256.66 billion, a PE ratio of 12.01, a PEG ratio of 0.92 and a beta of 0.93.

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, topping analysts' consensus estimates of $1.85 by $0.02. Wells Fargo & Company had a net margin of 17.64% and a return on equity of 14.05%. 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 previous year, the business posted $1.66 EPS. Wells Fargo & Company's revenue was up 2.0% compared to the same quarter last year. As a group, equities analysts expect that Wells Fargo & Company will post 7.27 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be paid a $0.50 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company's payout ratio is currently 28.21%.

Wells Fargo & Company 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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