Sumitomo Life Insurance Co. decreased its position in Wells Fargo & Co (NYSE:WFC) by 9.6% during the first quarter, HoldingsChannel.com reports. The firm owned 149,851 shares of the financial services provider’s stock after selling 15,869 shares during the quarter. Wells Fargo & Co comprises 1.0% of Sumitomo Life Insurance Co.’s portfolio, making the stock its 18th largest holding. Sumitomo Life Insurance Co.’s holdings in Wells Fargo & Co were worth $7,241,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Nwam LLC grew its stake in shares of Wells Fargo & Co by 11.7% in the first quarter. Nwam LLC now owns 7,201 shares of the financial services provider’s stock worth $348,000 after acquiring an additional 754 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co grew its stake in shares of Wells Fargo & Co by 2.6% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 113,398 shares of the financial services provider’s stock worth $5,479,000 after acquiring an additional 2,830 shares in the last quarter. Bank of Stockton acquired a new position in shares of Wells Fargo & Co in the first quarter worth $477,000. Gemmer Asset Management LLC grew its stake in shares of Wells Fargo & Co by 8.7% in the first quarter. Gemmer Asset Management LLC now owns 3,788 shares of the financial services provider’s stock worth $183,000 after acquiring an additional 304 shares in the last quarter. Finally, Berkshire Asset Management LLC PA grew its stake in shares of Wells Fargo & Co by 0.5% in the first quarter. Berkshire Asset Management LLC PA now owns 466,482 shares of the financial services provider’s stock worth $22,540,000 after acquiring an additional 2,108 shares in the last quarter. 72.01% of the stock is currently owned by institutional investors.

Shares of WFC stock opened at $45.84 on Thursday. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.88 and a quick ratio of 0.87. The firm has a market cap of $225.99 billion, a P/E ratio of 10.47, a PEG ratio of 0.88 and a beta of 1.09. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The firm had revenue of $21.61 billion during the quarter, compared to the consensus estimate of $20.89 billion. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. During the same quarter in the previous year, the firm posted $0.96 earnings per share. On average, sell-side analysts anticipate that Wells Fargo & Co will post 4.75 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.93%. Wells Fargo & Co’s payout ratio is currently 41.10%.

Several equities analysts have commented on WFC shares. Deutsche Bank dropped their price target on shares of Wells Fargo & Co from $54.00 to $48.00 and set a “hold” rating for the company in a research note on Monday, April 15th. Raymond James upgraded shares of Wells Fargo & Co from an “underperform” rating to a “market perform” rating and set a $50.08 price target for the company in a research note on Friday, March 29th. Barclays dropped their price target on shares of Wells Fargo & Co from $64.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, April 15th. Goldman Sachs Group downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $58.00 to $48.00 in a research note on Friday, April 12th. Finally, Keefe, Bruyette & Woods downgraded shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $58.00 to $50.00 in a research note on Sunday, March 31st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $56.35.

In related news, insider Petros G. Pelos sold 28,304 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the completion of the transaction, the insider now owns 3,066 shares in the company, valued at $142,599.66. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.08% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This piece was first posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this piece on another website, it was illegally stolen and republished in violation of international trademark & copyright laws. The legal version of this piece can be viewed at https://www.thecerbatgem.com/2019/05/16/wells-fargo-co-wfc-shares-sold-by-sumitomo-life-insurance-co.html.

Wells Fargo & Co Company Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

Featured Article: Google Finance Portfolio Workaround

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).

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

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.