Wendell David Associates Inc. reduced its stake in shares of Wells Fargo & Co. (NYSE:WFC) by 1.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 4,750 shares of the financial services provider’s stock after selling 65 shares during the period. Wendell David Associates Inc.’s holdings in Wells Fargo & Co. were worth $223,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the stock. Svenska Handelsbanken AB publ bought a new position in shares of Wells Fargo & Co. during the second quarter valued at about $15,118,000. Exxonmobil Investment Management Inc. TX raised its stake in shares of Wells Fargo & Co. by 6.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 1,195,917 shares of the financial services provider’s stock worth $56,603,000 after buying an additional 71,107 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Wells Fargo & Co. by 10.3% in the first quarter. Lazard Asset Management LLC now owns 6,564,216 shares of the financial services provider’s stock worth $317,445,000 after buying an additional 611,374 shares in the last quarter. Aviva PLC raised its stake in shares of Wells Fargo & Co. by 0.7% in the first quarter. Aviva PLC now owns 3,065,051 shares of the financial services provider’s stock worth $148,226,000 after buying an additional 22,620 shares in the last quarter. Finally, Primecap Management Co. CA raised its stake in shares of Wells Fargo & Co. by 20.5% in the first quarter. Primecap Management Co. CA now owns 18,501,167 shares of the financial services provider’s stock worth $894,716,000 after buying an additional 3,149,895 shares in the last quarter. Hedge funds and other institutional investors own 74.01% of the company’s stock.

Shares of Wells Fargo & Co. (NYSE:WFC) traded down 1.56% during trading on Friday, hitting $45.43. 51,871,380 shares of the stock traded hands. The company has a market cap of $229.22 billion, a PE ratio of 11.22 and a beta of 0.90. Wells Fargo & Co. has a one year low of $44.50 and a one year high of $56.34. The firm has a 50 day moving average price of $48.71 and a 200-day moving average price of $48.74.

Wells Fargo & Co. (NYSE:WFC) last released its earnings results on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.01. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The company earned $22.20 billion during the quarter. During the same quarter in the previous year, the company earned $1.03 EPS. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. Analysts anticipate that Wells Fargo & Co. will post $4.02 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 5th were given a $0.38 dividend. The ex-dividend date was Wednesday, August 3rd. This represents a $1.52 dividend on an annualized basis and a yield of 3.35%. Wells Fargo & Co.’s payout ratio is 37.25%.

A number of equities research analysts have weighed in on the company. Barclays PLC reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a report on Saturday, July 9th. Nomura reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a report on Saturday, July 9th. FBR & Co reaffirmed a “buy” rating and issued a $63.00 price objective on shares of Wells Fargo & Co. in a report on Wednesday, June 1st. Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a report on Sunday, June 26th. Finally, Zacks Investment Research lowered Wells Fargo & Co. from a “hold” rating to a “sell” rating in a report on Wednesday, June 15th. Six research analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the stock. Wells Fargo & Co. currently has a consensus rating of “Hold” and a consensus target price of $52.29.

In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $48.92, for a total value of $1,002,860.00. Following the completion of the sale, the chief operating officer now owns 650,815 shares in the company, valued at approximately $31,837,869.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by company insiders.

About Wells Fargo & Co.

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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