Cullinan Associates Inc. Raises Holdings in Wells Fargo & Company $WFC

Cullinan Associates Inc. boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 43,166 shares of the financial services provider’s stock after acquiring an additional 220 shares during the quarter. Cullinan Associates Inc.’s holdings in Wells Fargo & Company were worth $3,458,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after buying an additional 949,735,001 shares during the period. Dimensional Fund Advisors LP increased its holdings in Wells Fargo & Company by 0.6% during the first 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 boosted its stake in Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after acquiring an additional 7,894,919 shares in the last quarter. Boston Partners boosted its stake in Wells Fargo & Company by 6.2% in 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 in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Wells Fargo & Company by 10.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider’s stock valued at $431,418,000 after acquiring an additional 544,473 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 0.2%

NYSE:WFC opened at $80.63 on Monday. Wells Fargo & Company has a 12 month low of $55.98 and a 12 month high of $86.65. The firm has a fifty day simple moving average of $80.77 and a 200-day simple moving average of $76.33. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $258.28 billion, a P/E ratio of 13.81, a PEG ratio of 1.24 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the firm posted $1.33 earnings per share. The business’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is 30.82%.

Analyst Ratings Changes

Several brokerages have weighed in on WFC. The Goldman Sachs Group lowered their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday. Morgan Stanley downgraded shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $87.00 to $90.00 in a research note on Monday, September 29th. Weiss Ratings restated a “hold (c)” rating on shares of Wells Fargo & Company in a research note on Saturday, September 27th. Finally, Phillip Securities downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.74.

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.