iA Global Asset Management Inc. Trims Stock Position in Wells Fargo & Company $WFC

iA Global Asset Management Inc. cut its stake in Wells Fargo & Company (NYSE:WFC) by 11.4% in the second quarter, Holdings Channel.com reports. The fund owned 641,415 shares of the financial services provider’s stock after selling 82,748 shares during the quarter. iA Global Asset Management Inc.’s holdings in Wells Fargo & Company were worth $51,390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. TIAA Trust National Association lifted its position in Wells Fargo & Company by 24.6% in the second quarter. TIAA Trust National Association now owns 515,353 shares of the financial services provider’s stock valued at $41,290,000 after acquiring an additional 101,877 shares during the last quarter. Plato Investment Management Ltd raised its holdings in shares of Wells Fargo & Company by 0.5% in the second quarter. Plato Investment Management Ltd now owns 71,929 shares of the financial services provider’s stock valued at $5,742,000 after buying an additional 357 shares during the last quarter. Frederick Financial Consultants LLC raised its holdings in shares of Wells Fargo & Company by 29.9% in the second quarter. Frederick Financial Consultants LLC now owns 3,618 shares of the financial services provider’s stock valued at $290,000 after buying an additional 832 shares during the last quarter. Hills Bank & Trust Co raised its holdings in shares of Wells Fargo & Company by 3.7% in the second quarter. Hills Bank & Trust Co now owns 14,300 shares of the financial services provider’s stock valued at $1,146,000 after buying an additional 505 shares during the last quarter. Finally, Lifeworks Advisors LLC raised its holdings in shares of Wells Fargo & Company by 4.4% in the second quarter. Lifeworks Advisors LLC now owns 3,430 shares of the financial services provider’s stock valued at $275,000 after buying an additional 145 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 1.4%

Shares of Wells Fargo & Company stock opened at $87.19 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 quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The company’s 50-day simple moving average is $82.75 and its 200-day simple moving average is $78.59. The firm has a market cap of $279.30 billion, a price-to-earnings ratio of 14.34, a price-to-earnings-growth ratio of 1.18 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) 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 business had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. During the same period in the previous year, the business posted $1.42 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have recently commented on WFC. Barclays upped their target price on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Dbs Bank raised shares of Wells Fargo & Company to a “moderate buy” rating in a report on Tuesday, October 21st. Evercore ISI upped their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. UBS Group reduced their target price on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, October 7th. Finally, Citigroup upped their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & 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.