Cannell & Co. Sells 3,680 Shares of Wells Fargo & Company (NYSE:WFC)

Cannell & Co. cut its stake in Wells Fargo & Company (NYSE:WFC) by 27.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,550 shares of the financial services provider’s stock after selling 3,680 shares during the period. Cannell & Co.’s holdings in Wells Fargo & Company were worth $408,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in shares of Wells Fargo & Company by 1.3% in the first quarter. Principal Financial Group Inc. now owns 4,664,647 shares of the financial services provider’s stock valued at $174,365,000 after purchasing an additional 58,249 shares during the period. Pegasus Partners Ltd. purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $226,000. Atria Investments Inc grew its holdings in Wells Fargo & Company by 18.2% during the 1st quarter. Atria Investments Inc now owns 185,306 shares of the financial services provider’s stock worth $6,927,000 after acquiring an additional 28,551 shares in the last quarter. Deltec Asset Management LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $224,000. Finally, Wayfinding Financial LLC boosted its position in Wells Fargo & Company by 5.1% during the 1st quarter. Wayfinding Financial LLC now owns 7,421 shares of the financial services provider’s stock valued at $277,000 after acquiring an additional 363 shares in the last quarter. 72.47% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $42.08 on Wednesday. The company has a 50 day simple moving average of $40.80 and a two-hundred day simple moving average of $41.67. The stock has a market cap of $152.82 billion, a price-to-earnings ratio of 9.09, a PEG ratio of 0.79 and a beta of 1.17. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.17. Wells Fargo & Company has a 12 month low of $35.25 and a 12 month high of $48.84.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, October 13th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.15. The company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.09 billion. Wells Fargo & Company had a net margin of 17.06% and a return on equity of 11.18%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.30 earnings per share. As a group, analysts predict that Wells Fargo & Company will post 5.06 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 3rd will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.33%. The ex-dividend date is Thursday, November 2nd. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.24%.

Insider Activity at Wells Fargo & Company

In related news, Director Richard K. Davis acquired 3,500 shares of the stock in a transaction on Thursday, November 9th. The shares were acquired at an average price of $41.22 per share, for a total transaction of $144,270.00. Following the transaction, the director now owns 4,244 shares in the company, valued at approximately $174,937.68. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.07% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

WFC has been the topic of a number of recent analyst reports. HSBC began coverage on shares of Wells Fargo & Company in a report on Thursday, September 7th. They issued a “hold” rating and a $45.00 price target on the stock. Atlantic Securities upped their price target on Wells Fargo & Company from $50.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, August 1st. Morgan Stanley increased their price objective on Wells Fargo & Company from $49.00 to $52.00 and gave the company an “overweight” rating in a report on Tuesday, August 1st. UBS Group boosted their target price on Wells Fargo & Company from $51.00 to $53.00 in a research note on Thursday, October 12th. Finally, Jefferies Financial Group decreased their price target on Wells Fargo & Company from $48.00 to $43.00 in a research note on Tuesday, October 10th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Wells Fargo & Company Profile

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.