Manitou Investment Management Ltd. reduced its position in Wells Fargo & Co (NYSE:WFC) by 32.2% in the 1st quarter, Holdings Channel reports. The firm owned 320,951 shares of the financial services provider’s stock after selling 152,412 shares during the period. Wells Fargo & Co makes up 3.9% of Manitou Investment Management Ltd.’s holdings, making the stock its 12th biggest holding. Manitou Investment Management Ltd.’s holdings in Wells Fargo & Co were worth $15,508,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Olstein Capital Management L.P. lifted its holdings in shares of Wells Fargo & Co by 3.6% in the 4th quarter. Olstein Capital Management L.P. now owns 142,900 shares of the financial services provider’s stock valued at $6,585,000 after purchasing an additional 4,900 shares during the last quarter. Summit Wealth & Retirement Planning Inc. purchased a new stake in shares of Wells Fargo & Co in the 4th quarter valued at about $273,000. Commonwealth Bank of Australia lifted its holdings in shares of Wells Fargo & Co by 12.8% in the 4th quarter. Commonwealth Bank of Australia now owns 873,051 shares of the financial services provider’s stock valued at $40,225,000 after purchasing an additional 99,250 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Wells Fargo & Co by 72.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 34,115 shares of the financial services provider’s stock valued at $1,648,000 after purchasing an additional 14,291 shares during the last quarter. Finally, Ruggie Capital Group purchased a new stake in shares of Wells Fargo & Co in the 4th quarter valued at about $80,000. 75.38% of the stock is owned by institutional investors and hedge funds.

WFC has been the subject of several research reports. Bank of America downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating in a report on Monday, April 15th. ValuEngine raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Tuesday, March 19th. Raymond James reissued a “hold” rating on shares of Wells Fargo & Co in a report on Friday, April 12th. Buckingham Research downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $65.00 to $53.00 in a research note on Monday, April 15th. Finally, Barclays reduced their price objective on Wells Fargo & Co from $64.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, April 15th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $55.39.

In other news, insider Petros G. Pelos sold 28,304 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the completion of the transaction, the insider now directly owns 3,066 shares of the company’s stock, valued at approximately $142,599.66. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.08% of the company’s stock.

WFC opened at $45.59 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. The company has a market cap of $203.55 billion, a price-to-earnings ratio of 10.41, a P/E/G ratio of 0.86 and a beta of 1.09. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $59.53.

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 the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The firm had revenue of $21.61 billion during the quarter, compared to the consensus estimate of $20.89 billion. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. During the same period in the prior year, the business earned $0.96 EPS. On average, equities research analysts expect that Wells Fargo & Co will post 4.72 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.10%.

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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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