Cullinan Associates Inc. cut its position in shares of Wells Fargo & Co. (NYSE:WFC) by 2.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 177,700 shares of the financial services provider’s stock after selling 5,270 shares during the period. Cullinan Associates Inc.’s holdings in Wells Fargo & Co. were worth $7,869,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the stock. Parnassus Investments CA boosted its stake in shares of Wells Fargo & Co. by 879.2% in the second quarter. Parnassus Investments CA now owns 12,240,229 shares of the financial services provider’s stock worth $579,330,000 after buying an additional 10,990,229 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Wells Fargo & Co. by 2.2% in the second quarter. Vanguard Group Inc. now owns 288,028,042 shares of the financial services provider’s stock worth $13,632,368,000 after buying an additional 6,247,583 shares in the last quarter. Ruane Cunniff & Goldfarb Inc. boosted its stake in shares of Wells Fargo & Co. by 5,580.0% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,242,602 shares of the financial services provider’s stock worth $248,132,000 after buying an additional 5,150,302 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Wells Fargo & Co. by 2.7% in the first quarter. Wellington Management Group LLP now owns 131,270,916 shares of the financial services provider’s stock worth $6,348,262,000 after buying an additional 3,450,553 shares in the last quarter. Finally, Primecap Management Co. CA boosted its stake in shares of Wells Fargo & Co. by 20.5% in the first quarter. Primecap Management Co. CA now owns 18,501,167 shares of the financial services provider’s stock worth $894,716,000 after buying an additional 3,149,895 shares in the last quarter. Institutional investors own 73.78% of the company’s stock.

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

Shares of Wells Fargo & Co. (NYSE:WFC) traded up 0.63% during midday trading on Friday, hitting $52.82. The company had a trading volume of 29,673,414 shares. Wells Fargo & Co. has a one year low of $43.55 and a one year high of $56.26. The firm has a market cap of $265.28 billion, a price-to-earnings ratio of 13.11 and a beta of 0.93. The company’s 50 day moving average is $45.63 and its 200 day moving average is $47.72.

Wells Fargo & Co. (NYSE:WFC) last issued its quarterly earnings results on Friday, October 14th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.02. Wells Fargo & Co. had a return on equity of 12.72% and a net margin of 23.91%. The business had revenue of $22.30 billion for the quarter. During the same quarter in the prior year, the firm posted $1.05 EPS. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities analysts forecast that Wells Fargo & Co. will post $4.03 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Friday, November 4th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, November 2nd. This represents a $1.52 dividend on an annualized basis and a yield of 2.88%. Wells Fargo & Co.’s dividend payout ratio (DPR) is currently 37.44%.

A number of equities research analysts have weighed in on WFC shares. Evercore ISI reiterated a “buy” rating and issued a $51.00 price objective on shares of Wells Fargo & Co. in a research note on Sunday, October 23rd. Citigroup Inc. restated a “buy” rating on shares of Wells Fargo & Co. in a research note on Thursday, November 10th. Vetr cut Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $46.32 price target for the company. in a research note on Tuesday, August 30th. Raymond James Financial Inc. restated a “market perform” rating on shares of Wells Fargo & Co. in a research note on Friday, September 23rd. Finally, Keefe, Bruyette & Woods set a $57.00 price target on Wells Fargo & Co. and gave the stock a “buy” rating in a research note on Thursday, October 13th. Nine analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $49.56.

Wells Fargo & Co. Company Profile

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

5 Day Chart for NYSE:WFC

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