Gabelli Funds LLC Buys 32,625 Shares of Wells Fargo & Company (NYSE:WFC)

Gabelli Funds LLC increased its stake in shares of Wells Fargo & Company (NYSE:WFCGet Rating) by 3.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,105,125 shares of the financial services provider’s stock after purchasing an additional 32,625 shares during the quarter. Gabelli Funds LLC’s holdings in Wells Fargo & Company were worth $53,554,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. IFM Investors Pty Ltd lifted its holdings in Wells Fargo & Company by 17.3% in the first quarter. IFM Investors Pty Ltd now owns 628,740 shares of the financial services provider’s stock valued at $30,469,000 after buying an additional 92,802 shares during the period. Ensign Peak Advisors Inc lifted its holdings in Wells Fargo & Company by 4.2% in the first quarter. Ensign Peak Advisors Inc now owns 4,145,967 shares of the financial services provider’s stock valued at $200,913,000 after buying an additional 167,097 shares during the period. Qtron Investments LLC lifted its holdings in Wells Fargo & Company by 45.9% in the first quarter. Qtron Investments LLC now owns 37,189 shares of the financial services provider’s stock valued at $1,802,000 after buying an additional 11,706 shares during the period. Alyeska Investment Group L.P. lifted its holdings in Wells Fargo & Company by 153.5% in the first quarter. Alyeska Investment Group L.P. now owns 760,564 shares of the financial services provider’s stock valued at $36,857,000 after buying an additional 460,534 shares during the period. Finally, Weiss Multi Strategy Advisers LLC lifted its holdings in Wells Fargo & Company by 56.7% in the fourth quarter. Weiss Multi Strategy Advisers LLC now owns 996,217 shares of the financial services provider’s stock valued at $47,798,000 after buying an additional 360,635 shares during the period. 72.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

WFC has been the topic of several analyst reports. Barclays cut their price objective on shares of Wells Fargo & Company from $64.00 to $58.00 and set an “overweight” rating on the stock in a report on Monday, July 18th. Citigroup cut their price objective on shares of Wells Fargo & Company from $56.00 to $47.00 and set a “buy” rating on the stock in a report on Tuesday, July 12th. Raymond James cut their target price on shares of Wells Fargo & Company from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, June 24th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Wells Fargo & Company from $62.00 to $60.00 and set a “buy” rating on the stock in a report on Monday. Finally, Morgan Stanley increased their target price on shares of Wells Fargo & Company from $59.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, July 18th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $55.97.

Wells Fargo & Company Stock Down 5.1 %

Wells Fargo & Company stock opened at $43.22 on Wednesday. The company has a market cap of $163.94 billion, a P/E ratio of 10.36, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $36.54 and a 1-year high of $60.30. The company has a fifty day simple moving average of $43.36 and a 200 day simple moving average of $44.77. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.94.

Wells Fargo & Company (NYSE:WFCGet Rating) last released its earnings results on Friday, July 15th. The financial services provider reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.14). The business had revenue of $17.03 billion during the quarter, compared to the consensus estimate of $17.54 billion. Wells Fargo & Company had a net margin of 22.52% and a return on equity of 10.67%. The firm’s revenue for the quarter was down 16.0% on a year-over-year basis. During the same period last year, the business posted $1.38 EPS. Research analysts anticipate that Wells Fargo & Company will post 4 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were given a $0.30 dividend. The ex-dividend date was Thursday, August 4th. This represents a $1.20 dividend on an annualized basis and a yield of 2.78%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.25. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.78%.

About Wells Fargo & Company

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Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

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

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