Convergence Investment Partners LLC Purchases 21,806 Shares of Wells Fargo & Co (NYSE:WFC)

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Convergence Investment Partners LLC grew its position in Wells Fargo & Co (NYSE:WFC) by 30.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 94,465 shares of the financial services provider’s stock after buying an additional 21,806 shares during the period. Convergence Investment Partners LLC’s holdings in Wells Fargo & Co were worth $2,418,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in WFC. Your Advocates Ltd. LLP acquired a new stake in Wells Fargo & Co in the 1st quarter worth approximately $26,000. HHM Wealth Advisors LLC acquired a new stake in Wells Fargo & Co in the 1st quarter worth approximately $27,000. Watson Rebecca acquired a new stake in Wells Fargo & Co in the 2nd quarter worth approximately $37,000. Global Wealth Management Investment Advisory Inc. boosted its stake in Wells Fargo & Co by 95.0% in the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 1,320 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 643 shares in the last quarter. Finally, Selective Wealth Management Inc. boosted its stake in Wells Fargo & Co by 227.2% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 72.93% of the company’s stock.

WFC traded down $0.39 on Friday, hitting $24.26. 45,570,805 shares of the company’s stock were exchanged, compared to its average volume of 45,648,844. Wells Fargo & Co has a fifty-two week low of $22.00 and a fifty-two week high of $54.75. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.45. The firm has a 50-day moving average price of $26.02 and a 200-day moving average price of $32.85. The stock has a market cap of $101.06 billion, a price-to-earnings ratio of 20.54, a P/E/G ratio of 36.76 and a beta of 1.15.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.50). Wells Fargo & Co had a return on equity of 4.33% and a net margin of 6.26%. The business had revenue of $17.80 billion for the quarter, compared to analyst estimates of $18.30 billion. During the same period last year, the firm earned $1.30 EPS. The company’s revenue for the quarter was down 17.5% compared to the same quarter last year. On average, equities analysts predict that Wells Fargo & Co will post 0.07 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.40 annualized dividend and a yield of 1.65%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 46.58%.

A number of research firms recently commented on WFC. Royal Bank of Canada lowered their target price on shares of Wells Fargo & Co from $29.00 to $25.00 and set an “underperform” rating for the company in a research note on Wednesday, July 15th. Robert W. Baird raised shares of Wells Fargo & Co from a “neutral” rating to an “outperform” rating and set a $35.00 price target for the company in a research report on Friday, July 10th. DA Davidson assumed coverage on shares of Wells Fargo & Co in a research report on Thursday, May 28th. They set a “neutral” rating and a $27.00 price target for the company. Atlantic Securities raised shares of Wells Fargo & Co from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $28.00 to $30.00 in a research report on Wednesday, July 22nd. Finally, Deutsche Bank raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Wednesday, June 3rd. Four investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock 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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