People s United Financial Inc. decreased its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 6.6% in the 3rd quarter, Holdings Channel reports. The firm owned 221,031 shares of the financial services provider’s stock after selling 15,562 shares during the quarter. People s United Financial Inc.’s holdings in Wells Fargo & Co were worth $11,617,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. QV Investors Inc. increased its holdings in Wells Fargo & Co by 2.0% during the second quarter. QV Investors Inc. now owns 1,446,807 shares of the financial services provider’s stock valued at $80,210,000 after buying an additional 28,370 shares during the period. Sanders Capital LLC purchased a new position in shares of Wells Fargo & Co during the second quarter worth $952,809,000. Wetherby Asset Management Inc. raised its holdings in shares of Wells Fargo & Co by 1.4% during the second quarter. Wetherby Asset Management Inc. now owns 76,804 shares of the financial services provider’s stock worth $4,258,000 after purchasing an additional 1,027 shares during the last quarter. Tributary Capital Management LLC raised its holdings in shares of Wells Fargo & Co by 416.1% during the second quarter. Tributary Capital Management LLC now owns 43,870 shares of the financial services provider’s stock worth $2,432,000 after purchasing an additional 35,370 shares during the last quarter. Finally, Kessler Investment Group LLC raised its holdings in shares of Wells Fargo & Co by 2.3% during the second quarter. Kessler Investment Group LLC now owns 38,680 shares of the financial services provider’s stock worth $2,144,000 after purchasing an additional 875 shares during the last quarter. Hedge funds and other institutional investors own 73.02% of the company’s stock.

WFC has been the subject of a number of recent analyst reports. Edward Jones raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday, September 17th. Macquarie cut their price objective on shares of Wells Fargo & Co from $63.00 to $62.00 and set a “neutral” rating for the company in a report on Monday, September 17th. UBS Group set a $63.00 price objective on shares of Wells Fargo & Co and gave the company a “buy” rating in a report on Friday, September 28th. Citigroup raised shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday, November 2nd. Finally, Zacks Investment Research cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Tuesday, September 18th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $63.79.

WFC opened at $51.10 on Thursday. The stock has a market cap of $252.57 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 1.03 and a beta of 1.00. Wells Fargo & Co has a twelve month low of $50.02 and a twelve month high of $66.31. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). The business had revenue of $21.94 billion for the quarter, compared to analyst estimates of $21.90 billion. Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. Equities analysts predict that Wells Fargo & Co will post 4.5 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Saturday, December 1st. Investors of record on Friday, November 9th were given a dividend of $0.43 per share. The ex-dividend date was Thursday, November 8th. This represents a $1.72 dividend on an annualized basis and a yield of 3.37%. Wells Fargo & Co’s payout ratio is presently 41.85%.

Wells Fargo & Co declared that its board has authorized a share repurchase program on Tuesday, October 23rd that allows the company to buyback 350,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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Wells Fargo & Co Company Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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