First Pacific Advisors LP Has $162.99 Million Holdings in Wells Fargo & Company $WFC

First Pacific Advisors LP cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 22.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,034,269 shares of the financial services provider’s stock after selling 594,248 shares during the quarter. Wells Fargo & Company comprises 2.3% of First Pacific Advisors LP’s investment portfolio, making the stock its 16th largest holding. First Pacific Advisors LP’s holdings in Wells Fargo & Company were worth $162,986,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of WFC. Brighton Jones LLC lifted its holdings in shares of Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after buying an additional 25,436 shares during the last quarter. Valley National Advisers Inc. lifted its position in Wells Fargo & Company by 2.8% in the first quarter. Valley National Advisers Inc. now owns 9,422 shares of the financial services provider’s stock worth $675,000 after purchasing an additional 260 shares during the period. MorganRosel Wealth Management LLC bought a new position in Wells Fargo & Company in the first quarter worth $72,000. Koshinski Asset Management Inc. lifted its position in Wells Fargo & Company by 9.4% in the first quarter. Koshinski Asset Management Inc. now owns 10,185 shares of the financial services provider’s stock worth $731,000 after purchasing an additional 875 shares during the period. Finally, Smith Salley Wealth Management lifted its position in Wells Fargo & Company by 3.5% in the first quarter. Smith Salley Wealth Management now owns 43,808 shares of the financial services provider’s stock worth $3,145,000 after purchasing an additional 1,474 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on WFC shares. Barclays raised their target price on Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Morgan Stanley raised their target price on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 15th. UBS Group reduced their target price on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Bank of America raised their target price on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Finally, Citigroup raised their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Eleven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $86.86 on Wednesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a fifty day moving average price of $82.27 and a two-hundred day moving average price of $78.11. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $87.47. The firm has a market capitalization of $278.25 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.20 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same period in the prior year, the company posted $1.42 earnings per share. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.61%.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.