Resona Asset Management Co. Ltd. Sells 74,616 Shares of Wells Fargo & Company $WFC

Resona Asset Management Co. Ltd. cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 6.8% during the third quarter, HoldingsChannel.com reports. The firm owned 1,024,772 shares of the financial services provider’s stock after selling 74,616 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Wells Fargo & Company were worth $86,032,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of WFC. Hilton Capital Management LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $3,656,000. Three Bridge Wealth Advisors LLC bought a new stake in Wells Fargo & Company in the second quarter valued at approximately $364,000. Board of the Pension Protection Fund bought a new stake in Wells Fargo & Company in the second quarter valued at approximately $40,000. Arkadios Wealth Advisors lifted its position in shares of Wells Fargo & Company by 65.2% in the third quarter. Arkadios Wealth Advisors now owns 43,622 shares of the financial services provider’s stock valued at $3,656,000 after buying an additional 17,223 shares during the last quarter. Finally, Synergy Asset Management LLC acquired a new stake in shares of Wells Fargo & Company in the third quarter valued at approximately $10,729,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $87.00 on Friday. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $97.76. The company’s 50 day moving average price is $90.33 and its two-hundred day moving average price is $84.97. The firm has a market cap of $273.11 billion, a PE ratio of 13.88, a PEG ratio of 0.95 and a beta of 1.09. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 1.05.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.10. The company had revenue of $11.97 billion during the quarter, compared to the consensus estimate of $21.63 billion. Wells Fargo & Company had a net margin of 17.27% and a return on equity of 12.90%. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.43 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 7th were issued a $0.45 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company’s payout ratio is currently 28.71%.

Analyst Ratings Changes

A number of research analysts recently weighed in on WFC shares. Dbs Bank raised Wells Fargo & Company to a “moderate buy” rating in a report on Tuesday, October 21st. Wolfe Research reaffirmed an “outperform” rating and set a $109.00 price objective on shares of Wells Fargo & Company in a research report on Wednesday, January 7th. Freedom Capital downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 15th. Royal Bank Of Canada restated an “outperform” rating and set a $100.00 target price on shares of Wells Fargo & Company in a research note on Thursday, January 15th. Finally, HSBC reaffirmed a “hold” rating and set a $74.00 target price on shares of Wells Fargo & Company in a report on Wednesday, January 7th. Thirteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $94.87.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.