Geode Capital Management LLC Increases Stock Holdings in Wells Fargo & Company $WFC

Geode Capital Management LLC grew its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 73,662,001 shares of the financial services provider’s stock after purchasing an additional 130,407 shares during the quarter. Geode Capital Management LLC’s holdings in Wells Fargo & Company were worth $5,874,032,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. Access Investment Management LLC bought a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $25,000. CBIZ Investment Advisory Services LLC increased its position in Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after buying an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC bought a new position in shares of Wells Fargo & Company in the second quarter worth about $27,000. Motco grew its stake in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 326 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in Wells Fargo & Company in the 1st quarter worth approximately $29,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $86.21 on Wednesday. The company has a market cap of $270.61 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $88.50. The stock’s 50 day simple moving average is $83.42 and its two-hundred day simple moving average is $79.67. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84.

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

Wells Fargo & Company Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, October 15th. Cfra Research raised Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. UBS Group decreased their target price on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods upped their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 15th. Finally, Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.