Woodmont Investment Counsel LLC lessened its stake in Wells Fargo & Co (NYSE:WFC) by 4.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,154 shares of the financial services provider’s stock after selling 3,460 shares during the period. Wells Fargo & Co makes up about 1.2% of Woodmont Investment Counsel LLC’s holdings, making the stock its 26th biggest holding. Woodmont Investment Counsel LLC’s holdings in Wells Fargo & Co were worth $4,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the business. Riverhead Capital Management LLC raised its holdings in Wells Fargo & Co by 6.0% in the 3rd quarter. Riverhead Capital Management LLC now owns 109,040 shares of the financial services provider’s stock worth $5,731,000 after purchasing an additional 6,126 shares in the last quarter. Gagnon Securities LLC bought a new position in Wells Fargo & Co in the 3rd quarter worth $263,000. Cpwm LLC raised its holdings in Wells Fargo & Co by 57.4% in the 3rd quarter. Cpwm LLC now owns 73,578 shares of the financial services provider’s stock worth $3,867,000 after purchasing an additional 26,824 shares in the last quarter. OppenheimerFunds Inc. raised its holdings in Wells Fargo & Co by 1,283.4% in the 3rd quarter. OppenheimerFunds Inc. now owns 3,087,235 shares of the financial services provider’s stock worth $162,264,000 after purchasing an additional 2,864,065 shares in the last quarter. Finally, InterOcean Capital LLC raised its holdings in Wells Fargo & Co by 15.7% in the 3rd quarter. InterOcean Capital LLC now owns 16,264 shares of the financial services provider’s stock worth $855,000 after purchasing an additional 2,203 shares in the last quarter. 73.02% of the stock is owned by institutional investors and hedge funds.

Shares of Wells Fargo & Co stock opened at $51.42 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market capitalization of $252.57 billion, a P/E ratio of 12.51, a price-to-earnings-growth ratio of 1.03 and a beta of 1.00. Wells Fargo & Co has a 1 year low of $50.02 and a 1 year high of $66.31.

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

The firm also recently declared a quarterly dividend, which was paid on Saturday, December 1st. Investors of record on Friday, November 9th were paid a $0.43 dividend. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.72 annualized dividend and a dividend yield of 3.35%. Wells Fargo & Co’s payout ratio is 41.85%.

Wells Fargo & Co declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

Several brokerages have commented on WFC. Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. They noted that the move was a valuation call. Wolfe Research began coverage on shares of Wells Fargo & Co in a report on Tuesday, September 25th. They issued an “outperform” rating for the company. Edward Jones upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday, September 17th. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Tuesday, September 18th. Finally, Citigroup upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a report on Friday, November 2nd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. Wells Fargo & Co presently has a consensus rating of “Buy” and a consensus target price of $63.79.

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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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