Wells Fargo & Co (WFC) Position Cut by Factory Mutual Insurance Co.

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Factory Mutual Insurance Co. lessened its stake in Wells Fargo & Co (NYSE:WFC) by 23.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 2,072,439 shares of the financial services provider’s stock after selling 643,900 shares during the quarter. Wells Fargo & Co comprises 1.2% of Factory Mutual Insurance Co.’s holdings, making the stock its 24th biggest position. Factory Mutual Insurance Co.’s holdings in Wells Fargo & Co were worth $101,258,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Orrstown Financial Services Inc. boosted its position in shares of Wells Fargo & Co by 125.9% during the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 287 shares in the last quarter. Nalls Sherbakoff Group LLC bought a new position in shares of Wells Fargo & Co during the 4th quarter valued at about $32,000. SevenBridge Financial Group LLC boosted its position in shares of Wells Fargo & Co by 500.0% during the 4th quarter. SevenBridge Financial Group LLC now owns 1,200 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,000 shares in the last quarter. Athena Capital Advisors LLC bought a new position in shares of Wells Fargo & Co during the 4th quarter valued at about $42,000. Finally, Mercer Capital Advisers Inc. boosted its position in shares of Wells Fargo & Co by 81.3% during the 4th quarter. Mercer Capital Advisers Inc. now owns 1,171 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 525 shares in the last quarter. Hedge funds and other institutional investors own 72.15% of the company’s stock.

WFC stock opened at $48.30 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.35. Wells Fargo & Co has a one year low of $43.02 and a one year high of $59.53. The stock has a market cap of $236.13 billion, a price-to-earnings ratio of 11.03, a PEG ratio of 0.92 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. The company had revenue of $21.61 billion during the quarter, compared to analyst estimates of $20.89 billion. During the same period in the prior year, the firm earned $0.96 earnings per share. Sell-side analysts predict that Wells Fargo & Co will post 4.75 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date is Thursday, May 9th. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.

WFC has been the subject of several research reports. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Friday, January 4th. Zacks Investment Research upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Sunday, January 6th. Wolfe Research lowered shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 8th. Credit Suisse Group restated a “hold” rating and set a $60.00 price objective on shares of Wells Fargo & Co in a research report on Friday, January 11th. Finally, Deutsche Bank lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and reduced their price objective for the company from $56.00 to $54.00 in a research report on Friday, March 29th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $56.35.

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Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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

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