Granite Investment Partners LLC lowered its position in Wells Fargo & Co (NYSE:WFC) by 2.9% during the third quarter, Holdings Channel reports. The institutional investor owned 216,762 shares of the financial services provider’s stock after selling 6,418 shares during the quarter. Granite Investment Partners LLC’s holdings in Wells Fargo & Co were worth $11,954,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Wells Fargo & Co by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock worth $17,440,601,000 after buying an additional 3,621,402 shares during the last quarter. Capital World Investors grew its position in Wells Fargo & Co by 10.8% during the 2nd quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after purchasing an additional 10,927,679 shares during the last quarter. Capital Research Global Investors grew its position in Wells Fargo & Co by 19.7% during the 2nd quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after purchasing an additional 7,445,414 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Wells Fargo & Co by 26.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock worth $1,653,464,000 after purchasing an additional 6,291,906 shares during the last quarter. Finally, Davis Selected Advisers grew its position in Wells Fargo & Co by 1.9% during the 2nd quarter. Davis Selected Advisers now owns 25,966,811 shares of the financial services provider’s stock worth $1,438,821,000 after purchasing an additional 472,585 shares during the last quarter. 76.19% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Wells Fargo & Co (NYSE:WFC) opened at $65.48 on Thursday. The company has a market cap of $322,680.00, a price-to-earnings ratio of 15.85, a PEG ratio of 1.70 and a beta of 0.96. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23. Wells Fargo & Co has a twelve month low of $49.27 and a twelve month high of $65.63.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.07). The business had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same period last year, the company earned $0.96 earnings per share. sell-side analysts predict that Wells Fargo & Co will post 4.69 earnings per share for the current fiscal year.

Wells Fargo & Co declared that its board has initiated a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 37.77%.

In other news, VP Richard Levy sold 97,000 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $56.47, for a total value of $5,477,590.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John R. Shrewsberry sold 70,000 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total transaction of $3,983,000.00. The disclosure for this sale can be found here. Insiders sold a total of 184,482 shares of company stock worth $10,471,050 over the last ninety days. Insiders own 0.22% of the company’s stock.

WFC has been the topic of several research analyst reports. Vetr downgraded shares of Wells Fargo & Co from a “strong-buy” rating to a “sell” rating and set a $55.47 target price on the stock. in a research report on Monday, January 8th. UBS Group set a $57.00 target price on shares of Wells Fargo & Co and gave the stock a “neutral” rating in a research report on Friday, October 6th. Sanford C. Bernstein raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $64.00 to $69.00 in a research report on Wednesday, January 3rd. BMO Capital Markets boosted their target price on shares of Wells Fargo & Co from $49.00 to $50.00 and gave the stock a “market perform” rating in a research report on Monday, October 16th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating on shares of Wells Fargo & Co in a research report on Tuesday, January 16th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $61.71.

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Wells Fargo & Co Company Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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

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