Wells Fargo & Company $WFC Stock Bought by Pzena Investment Management LLC

Pzena Investment Management LLC lifted its stake in Wells Fargo & Company (NYSE:WFC) by 0.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 8,853,784 shares of the financial services provider’s stock after purchasing an additional 26,316 shares during the quarter. Wells Fargo & Company accounts for 2.1% of Pzena Investment Management LLC’s portfolio, making the stock its 20th largest position. Pzena Investment Management LLC’s holdings in Wells Fargo & Company were worth $708,745,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Legal & General Group Plc acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at $1,635,881,000. Bank of New York Mellon Corp acquired a new position in Wells Fargo & Company during the 2nd quarter worth $1,364,923,000. Deutsche Bank AG acquired a new position in Wells Fargo & Company during the 2nd quarter worth $859,431,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Wells Fargo & Company during the 2nd quarter worth about $620,861,000. Finally, Amundi increased its holdings in Wells Fargo & Company by 73.0% during the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock worth $1,310,663,000 after purchasing an additional 6,944,316 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Royal Bank Of Canada lowered their price target on shares of Wells Fargo & Company from $100.00 to $92.00 and set an “outperform” rating for the company in a report on Wednesday, October 14th. Robert W. Baird increased their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Citigroup dropped their price objective on shares of Wells Fargo & Company from $90.00 to $88.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 14th. Finally, HSBC assumed coverage on shares of Wells Fargo & Company in a report on Monday, September 28th. They issued a “buy” rating and a $108.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average target price of $98.11.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $87.45 on Thursday. The stock has a market capitalization of $262.51 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.92 and a beta of 0.93. The business’s 50 day moving average is $84.43 and its two-hundred day moving average is $83.63. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 EPS for the quarter, beating the consensus estimate of $1.85 by $0.02. Wells Fargo & Company had a return on equity of 14.05% and a net margin of 17.64%. The business had revenue of $21.87 billion during the quarter, compared to analysts’ expectations of $22.30 billion. During the same period last year, the firm earned $1.66 EPS. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. Research analysts expect that Wells Fargo & Company will post 7.27 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 6th will be given a $0.50 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.00 annualized dividend and a yield of 2.3%. Wells Fargo & Company’s dividend payout ratio is presently 28.21%.

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.