Intermede Investment Partners Ltd Purchases 46,301 Shares of Wells Fargo & Co (WFC)

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Intermede Investment Partners Ltd increased its position in shares of Wells Fargo & Co (NYSE:WFC) by 4.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,141,347 shares of the financial services provider’s stock after acquiring an additional 46,301 shares during the quarter. Wells Fargo & Co comprises approximately 4.5% of Intermede Investment Partners Ltd’s investment portfolio, making the stock its 10th biggest holding. Intermede Investment Partners Ltd’s holdings in Wells Fargo & Co were worth $59,989,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Rothschild Asset Management Inc. raised its holdings in Wells Fargo & Co by 1.0% during the 2nd quarter. Rothschild Asset Management Inc. now owns 589,885 shares of the financial services provider’s stock worth $32,703,000 after buying an additional 5,584 shares during the period. Commonwealth Bank of Australia raised its holdings in Wells Fargo & Co by 15.3% during the 2nd quarter. Commonwealth Bank of Australia now owns 748,401 shares of the financial services provider’s stock worth $41,434,000 after buying an additional 99,137 shares during the period. Berkshire Asset Management LLC PA raised its holdings in Wells Fargo & Co by 3.3% during the 3rd quarter. Berkshire Asset Management LLC PA now owns 507,054 shares of the financial services provider’s stock worth $26,651,000 after buying an additional 16,315 shares during the period. R. G. Niederhoffer Capital Management Inc. acquired a new stake in Wells Fargo & Co during the 2nd quarter worth approximately $1,308,000. Finally, Colony Group LLC raised its holdings in Wells Fargo & Co by 76.3% during the 2nd quarter. Colony Group LLC now owns 54,576 shares of the financial services provider’s stock worth $3,026,000 after buying an additional 23,621 shares during the period. 77.59% of the stock is currently owned by institutional investors and hedge funds.

In related news, EVP Avid Modjtabai sold 100,000 shares of the firm’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $58.71, for a total value of $5,871,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Hope A. Hardison sold 25,000 shares of the firm’s stock in a transaction on Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the transaction, the executive vice president now directly owns 109 shares of the company’s stock, valued at $6,323.09. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.

NYSE WFC opened at $53.23 on Thursday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.87. Wells Fargo & Co has a 12-month low of $50.02 and a 12-month high of $66.31. The company has a market capitalization of $257.01 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 1.12 and a beta of 1.15.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The business had revenue of $21.94 billion during the quarter, compared to analyst estimates of $21.90 billion. On average, analysts predict that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.

Wells Fargo & Co declared that its board has authorized a stock repurchase plan on Tuesday, October 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. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Friday, November 9th will be paid a $0.43 dividend. The ex-dividend date is Thursday, November 8th. This represents a $1.72 annualized dividend and a dividend yield of 3.23%. Wells Fargo & Co’s dividend payout ratio is presently 41.85%.

Several brokerages have commented on WFC. UBS Group set a $63.00 target price on shares of Wells Fargo & Co and gave the stock a “buy” rating in a report on Friday, September 28th. Zacks Investment Research upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a report on Thursday, July 19th. BMO Capital Markets raised their target price on shares of Wells Fargo & Co to $65.00 and gave the stock a “market perform” rating in a report on Monday, October 15th. Susquehanna Bancshares set a $63.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 13th. Finally, Keefe, Bruyette & Woods upgraded shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $57.00 to $63.00 in a report on Sunday, July 15th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the company. Wells Fargo & Co has a consensus rating of “Hold” and a consensus price target of $63.79.

Wells Fargo & Co Company Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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

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