Forsta AP Fonden Sells 53,400 Shares of Wells Fargo & Company $WFC

Forsta AP Fonden decreased its position in Wells Fargo & Company (NYSE:WFC) by 6.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 734,600 shares of the financial services provider’s stock after selling 53,400 shares during the period. Forsta AP Fonden’s holdings in Wells Fargo & Company were worth $58,856,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in WFC. Access Investment Management LLC bought a new position in Wells Fargo & Company during the 2nd quarter worth $25,000. McElhenny Sheffield Capital Management LLC acquired a new position in shares of Wells Fargo & Company in the second quarter valued at about $27,000. CBIZ Investment Advisory Services LLC increased its position in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 322 shares during the period. Accent Capital Management LLC acquired a new stake in Wells Fargo & Company in the 1st quarter worth about $29,000. Finally, Motco boosted its holdings in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 0.1%

Shares of Wells Fargo & Company stock opened at $86.21 on Wednesday. The firm has a market capitalization of $270.61 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The firm’s 50 day moving average is $83.42 and its 200 day moving average is $79.67. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $88.50.

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

Wells Fargo & Company Dividend Announcement

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

Analyst Ratings Changes

WFC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, October 15th. Cfra Research upgraded Wells Fargo & Company to a “moderate buy” rating in a research report on Wednesday, October 15th. Citigroup raised their price target 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. Morgan Stanley boosted their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. Finally, Dbs Bank upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Eleven equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company 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.