Putney Financial Group LLC Has $90,000 Holdings in Wells Fargo & Company $WFC

Putney Financial Group LLC cut its stake in Wells Fargo & Company (NYSE:WFC) by 18.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,121 shares of the financial services provider’s stock after selling 250 shares during the period. Putney Financial Group LLC’s holdings in Wells Fargo & Company were worth $90,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of WFC. Livforsakringsbolaget Skandia Omsesidigt raised its position in Wells Fargo & Company by 2,735,254.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock worth $76,095,550,000 after purchasing an additional 949,735,001 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Wells Fargo & Company by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider’s stock valued at $1,471,259,000 after buying an additional 128,207 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Wells Fargo & Company by 277.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock worth $771,092,000 after acquiring an additional 7,894,919 shares during the last quarter. Pzena Investment Management LLC raised its position in shares of Wells Fargo & Company by 5.5% during the second quarter. Pzena Investment Management LLC now owns 10,371,812 shares of the financial services provider’s stock worth $830,990,000 after acquiring an additional 542,493 shares during the last quarter. Finally, Boston Partners lifted its stake in shares of Wells Fargo & Company by 6.2% during the first quarter. Boston Partners now owns 8,953,009 shares of the financial services provider’s stock valued at $640,616,000 after acquiring an additional 523,107 shares during the period. 75.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

WFC has been the subject of a number of research reports. Bank of America lifted their price objective 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. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, October 15th. UBS Group dropped their price target on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. The Goldman Sachs Group reduced their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Finally, Citigroup lifted their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Eleven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & Company Stock Down 0.1%

Shares of NYSE WFC opened at $85.92 on Friday. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $87.47. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a market cap of $275.23 billion, a P/E ratio of 14.13, a P/E/G ratio of 1.18 and a beta of 1.25. The firm has a 50 day moving average price of $82.59 and a 200 day moving average price of $78.32.

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

Wells Fargo & Company Announces Dividend

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

About Wells Fargo & Company

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.