Primecap Management Co. CA Sells 5,216,519 Shares of Wells Fargo & Company (NYSE:WFC)

Primecap Management Co. CA cut its position in Wells Fargo & Company (NYSE:WFC) by 12.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,202,871 shares of the financial services provider’s stock after selling 5,216,519 shares during the quarter. Wells Fargo & Company comprises about 1.6% of Primecap Management Co. CA’s holdings, making the stock its 16th largest position. Primecap Management Co. CA owned about 1.07% of Wells Fargo & Company worth $2,209,479,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in WFC. Slagle Financial LLC lifted its stake in shares of Wells Fargo & Company by 97.3% during the 4th quarter. Slagle Financial LLC now owns 138,594 shares of the financial services provider’s stock valued at $6,822,000 after buying an additional 68,356 shares in the last quarter. Ballentine Partners LLC grew its position in shares of Wells Fargo & Company by 5.4% in the first quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock valued at $2,074,000 after purchasing an additional 1,835 shares in the last quarter. Wedmont Private Capital grew its position in shares of Wells Fargo & Company by 16.4% in the first quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock valued at $8,805,000 after purchasing an additional 21,496 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Wells Fargo & Company by 28.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock valued at $27,441,000 after purchasing an additional 106,260 shares during the period. Finally, Evoke Wealth LLC lifted its holdings in Wells Fargo & Company by 34.3% during the 4th quarter. Evoke Wealth LLC now owns 7,224 shares of the financial services provider’s stock worth $356,000 after purchasing an additional 1,846 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on WFC shares. Morgan Stanley lifted their target price on Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. BMO Capital Markets boosted their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Evercore ISI decreased their target price on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, September 6th. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Tuesday, September 3rd. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Twelve research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Hold” and a consensus target price of $60.29.

Wells Fargo & Company Stock Up 2.0 %

Shares of NYSE WFC opened at $53.81 on Tuesday. The stock has a market capitalization of $187.60 billion, a P/E ratio of 11.05, a PEG ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55. The firm’s 50 day simple moving average is $56.49 and its two-hundred day simple moving average is $57.92. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.04. The company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 EPS. As a group, analysts expect that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.97%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wells Fargo & Company Company Profile

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