Vanguard Group Inc. Sells 12,997,924 Shares of Wells Fargo & Co (NYSE:WFC)

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Vanguard Group Inc. cut its holdings in Wells Fargo & Co (NYSE:WFC) by 4.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 303,977,610 shares of the financial services provider’s stock after selling 12,997,924 shares during the quarter. Vanguard Group Inc. owned 7.38% of Wells Fargo & Co worth $7,781,827,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of WFC. HHM Wealth Advisors LLC bought a new stake in Wells Fargo & Co in the 1st quarter valued at about $27,000. Watson Rebecca bought a new position in Wells Fargo & Co in the second quarter worth approximately $37,000. Hoover Financial Advisors Inc. acquired a new stake in Wells Fargo & Co in the second quarter valued at approximately $37,000. Global Wealth Management Investment Advisory Inc. increased its holdings in shares of Wells Fargo & Co by 95.0% during the first quarter. Global Wealth Management Investment Advisory Inc. now owns 1,320 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 643 shares in the last quarter. Finally, Selective Wealth Management Inc. raised its position in shares of Wells Fargo & Co by 227.2% during the second quarter. Selective Wealth Management Inc. now owns 1,623 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 1,127 shares during the period. Hedge funds and other institutional investors own 67.25% of the company’s stock.

Shares of WFC traded up $0.27 during trading hours on Friday, reaching $24.79. 48,482,980 shares of the company’s stock traded hands, compared to its average volume of 35,788,664. The stock has a market cap of $102.14 billion, a PE ratio of 28.49, a price-to-earnings-growth ratio of 127.72 and a beta of 1.08. The firm’s 50 day simple moving average is $24.83 and its 200-day simple moving average is $28.67. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.45. Wells Fargo & Co has a 12 month low of $22.00 and a 12 month high of $54.75.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported ($0.66) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.50). The firm had revenue of $17.80 billion for the quarter, compared to the consensus estimate of $18.30 billion. Wells Fargo & Co had a net margin of 6.26% and a return on equity of 4.33%. Wells Fargo & Co’s quarterly revenue was down 17.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.30 earnings per share. As a group, analysts expect that Wells Fargo & Co will post 0.02 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $0.40 annualized dividend and a yield of 1.61%. Wells Fargo & Co’s dividend payout ratio is currently 9.13%.

Several research analysts have weighed in on the stock. Royal Bank of Canada lowered their price objective on shares of Wells Fargo & Co from $29.00 to $25.00 and set an “underperform” rating on the stock in a report on Wednesday, July 15th. Barclays reduced their price objective on Wells Fargo & Co from $40.00 to $33.00 and set an “equal weight” rating for the company in a report on Wednesday, July 15th. Compass Point lowered their target price on Wells Fargo & Co from $33.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. Odeon Capital Group upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Oppenheimer reissued a “hold” rating on shares of Wells Fargo & Co in a report on Tuesday, July 14th. Four research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $33.31.

About Wells Fargo & Co

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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