Formidable Asset Management LLC Has $427,000 Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Formidable Asset Management LLC lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 97.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,205 shares of the financial services provider’s stock after purchasing an additional 4,545 shares during the quarter. Formidable Asset Management LLC’s holdings in Wells Fargo & Company were worth $427,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Wells Fargo & Company by 18.6% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 765,137 shares of the financial services provider’s stock worth $34,653,000 after purchasing an additional 120,189 shares during the last quarter. Isthmus Partners LLC acquired a new position in shares of Wells Fargo & Company during the 2nd quarter worth about $27,000. Moors & Cabot Inc. increased its stake in shares of Wells Fargo & Company by 11.4% during the 2nd quarter. Moors & Cabot Inc. now owns 53,405 shares of the financial services provider’s stock worth $2,419,000 after purchasing an additional 5,456 shares during the last quarter. Greenleaf Trust increased its stake in shares of Wells Fargo & Company by 8.5% during the 2nd quarter. Greenleaf Trust now owns 36,265 shares of the financial services provider’s stock worth $1,642,000 after purchasing an additional 2,835 shares during the last quarter. Finally, Waters Parkerson & CO. LLC acquired a new position in Wells Fargo & Company in the 2nd quarter valued at about $221,000. 69.47% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE WFC opened at $58.06 on Friday. Wells Fargo & Company has a 52-week low of $29.68 and a 52-week high of $58.87. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.82. The firm has a 50 day moving average price of $50.33 and a two-hundred day moving average price of $48.18. The stock has a market cap of $238.42 billion, a P/E ratio of 13.69, a price-to-earnings-growth ratio of 1.44 and a beta of 1.30.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, January 14th. The financial services provider reported $1.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.29. Wells Fargo & Company had a net margin of 23.82% and a return on equity of 11.20%. The company had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $18.61 billion. During the same period in the prior year, the company posted $0.64 earnings per share. Wells Fargo & Company’s revenue for the quarter was up 12.8% compared to the same quarter last year. Analysts predict that Wells Fargo & Company will post 4.68 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 1st. Shareholders of record on Friday, November 5th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend was Thursday, November 4th. Wells Fargo & Company’s dividend payout ratio (DPR) is 18.87%.

A number of brokerages recently commented on WFC. TheStreet upgraded shares of Wells Fargo & Company from a “c+” rating to a “b-” rating in a research note on Thursday, October 14th. Morgan Stanley raised shares of Wells Fargo & Company from an “equal weight” rating to an “overweight” rating and set a $61.00 price objective for the company in a report on Monday, December 6th. UBS Group started coverage on shares of Wells Fargo & Company in a report on Friday, December 10th. They issued a “buy” rating and a $65.00 price objective for the company. Barclays raised shares of Wells Fargo & Company from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $50.00 to $62.00 in a report on Monday, January 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Wells Fargo & Company from $53.50 to $57.00 and gave the company a “neutral” rating in a report on Thursday, January 6th. Three investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of “Buy” and an average price target of $52.24.

About Wells Fargo & Company

Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.

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

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