Palisade Asset Management LLC boosted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 2.6% during the 2nd quarter, Holdings Channel reports. The firm owned 261,597 shares of the financial services provider’s stock after acquiring an additional 6,634 shares during the quarter. Wells Fargo & Co comprises approximately 2.1% of Palisade Asset Management LLC’s investment portfolio, making the stock its 14th largest position. Palisade Asset Management LLC’s holdings in Wells Fargo & Co were worth $14,503,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA lifted its stake in Wells Fargo & Co by 5.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 50,957,630 shares of the financial services provider’s stock valued at $2,670,689,000 after acquiring an additional 2,497,659 shares during the period. Geode Capital Management LLC lifted its stake in Wells Fargo & Co by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 46,311,774 shares of the financial services provider’s stock valued at $2,803,705,000 after acquiring an additional 584,764 shares during the period. Dimensional Fund Advisors LP lifted its stake in Wells Fargo & Co by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 41,213,847 shares of the financial services provider’s stock valued at $2,160,018,000 after acquiring an additional 722,334 shares during the period. Magellan Asset Management Ltd lifted its stake in Wells Fargo & Co by 24.1% during the 1st quarter. Magellan Asset Management Ltd now owns 31,024,898 shares of the financial services provider’s stock valued at $1,626,015,000 after acquiring an additional 6,017,222 shares during the period. Finally, Boston Partners lifted its stake in shares of Wells Fargo & Co by 10.1% in the 1st quarter. Boston Partners now owns 18,850,437 shares of the financial services provider’s stock valued at $987,951,000 after purchasing an additional 1,732,956 shares during the period. 76.39% of the stock is currently owned by institutional investors.

NYSE:WFC opened at $57.61 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.22. The firm has a market cap of $283.15 billion, a price-to-earnings ratio of 14.02, a P/E/G ratio of 1.56 and a beta of 1.13. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $66.31.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, September 1st. Shareholders of record on Friday, August 10th will be given a dividend of $0.43 per share. The ex-dividend date is Thursday, August 9th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a yield of 2.99%. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.

Several research firms recently issued reports on WFC. Zacks Investment Research cut shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Barclays decreased their target price on shares of Wells Fargo & Co from $71.00 to $66.00 and set an “overweight” rating for the company in a research note on Monday, April 16th. Piper Jaffray Companies reiterated a “hold” rating and issued a $58.00 target price on shares of Wells Fargo & Co in a research note on Monday, April 16th. Keefe, Bruyette & Woods set a $55.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a research note on Monday, April 16th. Finally, Morgan Stanley decreased their target price on shares of Wells Fargo & Co from $60.00 to $57.00 and set an “underweight” rating for the company in a research note on Monday, April 30th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $63.34.

In other Wells Fargo & Co news, EVP Petros G. Pelos sold 25,567 shares of the company’s stock in a transaction on Thursday, May 24th. The shares were sold at an average price of $54.76, for a total transaction of $1,400,048.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.09% of the company’s stock.

Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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

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