Earnest Partners LLC Sells 1,800 Shares of Wells Fargo & Company (WFC)

Earnest Partners LLC reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 128,253 shares of the financial services provider’s stock after selling 1,800 shares during the period. Earnest Partners LLC’s holdings in Wells Fargo & Company were worth $7,106,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Wells Fargo & Company by 1.2% in the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after acquiring an additional 3,621,402 shares in the last quarter. Capital World Investors raised its holdings in Wells Fargo & Company by 10.8% in the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after acquiring an additional 10,927,679 shares in the last quarter. Capital Research Global Investors raised its holdings in Wells Fargo & Company by 19.7% in the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after acquiring an additional 7,445,414 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Wells Fargo & Company by 26.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock valued at $1,653,464,000 after acquiring an additional 6,291,906 shares in the last quarter. Finally, Davis Selected Advisers raised its holdings in Wells Fargo & Company by 1.9% in the second quarter. Davis Selected Advisers now owns 25,966,811 shares of the financial services provider’s stock valued at $1,438,821,000 after acquiring an additional 472,585 shares in the last quarter. 75.77% of the stock is currently owned by institutional investors and hedge funds.

WFC has been the topic of several recent analyst reports. Robert W. Baird reaffirmed a “buy” rating and issued a $58.00 price target on shares of Wells Fargo & Company in a report on Tuesday, September 5th. Keefe, Bruyette & Woods set a $61.00 price target on shares of Wells Fargo & Company and gave the company a “buy” rating in a report on Friday, August 25th. Instinet reaffirmed a “buy” rating and issued a $65.00 price target (up from $64.00) on shares of Wells Fargo & Company in a report on Saturday, September 30th. Nomura upped their price target on shares of Wells Fargo & Company from $64.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, September 28th. Finally, Citigroup reaffirmed a “buy” rating and issued a $65.00 price target (up from $60.00) on shares of Wells Fargo & Company in a report on Monday, October 9th. Five analysts have rated the stock with a sell rating, fifteen have issued a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $57.25.

Shares of Wells Fargo & Company (WFC) traded down $0.44 during trading hours on Tuesday, hitting $58.87. 15,876,500 shares of the company’s stock were exchanged, compared to its average volume of 18,422,584. The firm has a market capitalization of $292,057.91, a PE ratio of 14.33, a price-to-earnings-growth ratio of 1.43 and a beta of 0.96. Wells Fargo & Company has a 52 week low of $49.27 and a 52 week high of $60.00. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.32.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). The business had revenue of $21.93 billion for the quarter, compared to analyst estimates of $22.30 billion. Wells Fargo & Company had a return on equity of 12.59% and a net margin of 22.00%. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period last year, the company posted $1.03 earnings per share. sell-side analysts predict that Wells Fargo & Company will post 3.97 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 3rd were given a dividend of $0.39 per share. The ex-dividend date was Thursday, November 2nd. This represents a $1.56 annualized dividend and a dividend yield of 2.65%. Wells Fargo & Company’s dividend payout ratio is currently 40.31%.

In other news, insider Michael J. Loughlin sold 17,482 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $57.80, for a total transaction of $1,010,459.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Richard Levy sold 97,000 shares of the company’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $56.47, for a total transaction of $5,477,590.00. The disclosure for this sale can be found here. Insiders have sold 184,482 shares of company stock valued at $10,471,050 in the last 90 days. Insiders own 0.22% of the company’s stock.

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Wells Fargo & Company Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

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