Primecap Management Co. CA Has $1.46 Billion Position in Wells Fargo & Company $WFC

Primecap Management Co. CA lowered its position in Wells Fargo & Company (NYSE:WFC) by 17.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,177,960 shares of the financial services provider’s stock after selling 3,724,689 shares during the period. Wells Fargo & Company comprises 1.2% of Primecap Management Co. CA’s holdings, making the stock its 28th largest position. Primecap Management Co. CA owned 0.57% of Wells Fargo & Company worth $1,456,418,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock worth $76,095,550,000 after buying an additional 949,735,001 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Wells Fargo & Company by 54.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,635,681 shares of the financial services provider’s stock worth $1,332,851,000 after acquiring an additional 5,894,747 shares in the last quarter. Strs Ohio bought a new position in shares of Wells Fargo & Company during the 1st quarter worth approximately $109,643,000. Canada Pension Plan Investment Board raised its holdings in shares of Wells Fargo & Company by 34.6% in the first quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock valued at $381,016,000 after purchasing an additional 1,365,629 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Wells Fargo & Company by 0.4% in the second quarter. Vanguard Group Inc. now owns 302,092,955 shares of the financial services provider’s stock worth $24,203,688,000 after purchasing an additional 1,341,222 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on WFC. Barclays increased their price target on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Weiss Ratings raised shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, October 8th. Bank of America increased their price target on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. TD Cowen upped their target price on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a report on Wednesday, October 15th. Finally, Dbs Bank upgraded Wells Fargo & Company to a “moderate buy” rating in a report on Tuesday, October 21st. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus target price of $89.57.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $83.89 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The stock has a market cap of $263.35 billion, a PE ratio of 13.80, a P/E/G ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $88.64. The business’s 50-day moving average price is $83.86 and its two-hundred day moving average price is $80.14.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.18. The business had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.42 EPS. As a group, analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be given a dividend of $0.45 per share. The ex-dividend date is Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. Wells Fargo & Company’s payout ratio is currently 29.61%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.