TD Asset Management Inc Trims Position in Wells Fargo & Company $WFC

TD Asset Management Inc cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 18.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,327,888 shares of the financial services provider’s stock after selling 292,455 shares during the quarter. TD Asset Management Inc’s holdings in Wells Fargo & Company were worth $106,390,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Wells Fargo & Company by 2,735,254.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after purchasing an additional 949,735,001 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Wells Fargo & Company by 277.4% during the 1st 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 purchasing an additional 7,894,919 shares in the last quarter. Strs Ohio purchased a new position in shares of Wells Fargo & Company during the 1st quarter valued at approximately $109,643,000. Canada Pension Plan Investment Board increased its holdings in shares of Wells Fargo & Company by 34.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock valued at $381,016,000 after purchasing an additional 1,365,629 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Wells Fargo & Company by 30.5% during the 1st quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider’s stock valued at $353,668,000 after purchasing an additional 1,152,181 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 7.1%

Shares of WFC opened at $84.51 on Wednesday. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $86.65. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm’s fifty day moving average is $80.79 and its two-hundred day moving average is $76.67. The stock has a market cap of $270.71 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 1.27 and a beta of 1.25.

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, beating the consensus estimate of $1.55 by $0.11. The firm had revenue of $21.44 billion for the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 EPS. Research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio is presently 30.82%.

Wall Street Analyst Weigh In

WFC has been the subject of several recent research reports. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday, October 4th. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Morgan Stanley lowered shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $87.00 to $90.00 in a report on Monday, September 29th. Cowen reissued a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Finally, The Goldman Sachs Group cut their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Nine analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $86.77.

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.