Wells Fargo & Company $WFC Stock Sold by ProShare Advisors LLC

ProShare Advisors LLC lessened its stake in Wells Fargo & Company (NYSE:WFC) by 3.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 631,690 shares of the financial services provider’s stock after selling 19,765 shares during the quarter. ProShare Advisors LLC’s holdings in Wells Fargo & Company were worth $50,567,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in WFC. Legal & General Group Plc bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $1,635,881,000. Bank of New York Mellon Corp bought a new position in Wells Fargo & Company during the 2nd quarter worth approximately $1,364,923,000. Amundi grew its holdings in Wells Fargo & Company by 73.0% during the first quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock valued at $1,310,663,000 after purchasing an additional 6,944,316 shares during the period. Deutsche Bank AG acquired a new position in Wells Fargo & Company during the second quarter valued at approximately $859,431,000. Finally, Pzena Investment Management LLC acquired a new position in Wells Fargo & Company during the second quarter valued at approximately $729,502,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC opened at $83.39 on Monday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50 day simple moving average of $84.33 and a 200 day simple moving average of $83.70. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The firm has a market capitalization of $250.32 billion, a PE ratio of 11.76, a P/E/G ratio of 0.89 and a beta of 0.93.

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

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company’s dividend payout ratio is currently 28.21%.

Analysts Set New Price Targets

WFC has been the subject of several recent analyst reports. HSBC assumed coverage on shares of Wells Fargo & Company in a research note on Monday, September 28th. They issued a “buy” rating and a $108.00 target price for the company. UBS Group reduced their price target on shares of Wells Fargo & Company from $104.00 to $102.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. JPMorgan Chase & Co. boosted their price target on shares of Wells Fargo & Company from $91.50 to $92.00 and gave the company a “neutral” rating in a report on Friday. Keefe, Bruyette & Woods lowered their price objective on shares of Wells Fargo & Company from $94.00 to $90.00 and set a “market perform” rating for the company in a research report on Wednesday, October 14th. Finally, Citigroup dropped their price objective on Wells Fargo & Company from $90.00 to $88.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.11.

Wells Fargo & Company Profile

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.