Gabelli Funds LLC Sells 23,900 Shares of Wells Fargo & Company $WFC

Gabelli Funds LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 4.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 525,496 shares of the financial services provider’s stock after selling 23,900 shares during the period. Gabelli Funds LLC’s holdings in Wells Fargo & Company were worth $41,835,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Morningstar Investment Management LLC grew its stake in Wells Fargo & Company by 1.0% during the 1st quarter. Morningstar Investment Management LLC now owns 25,926 shares of the financial services provider’s stock worth $2,064,000 after buying an additional 252 shares during the last quarter. Modern Wealth Management LLC raised its stake in Wells Fargo & Company by 14.5% in the first quarter. Modern Wealth Management LLC now owns 19,462 shares of the financial services provider’s stock valued at $1,568,000 after buying an additional 2,468 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Wells Fargo & Company by 482.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,852,365 shares of the financial services provider’s stock valued at $147,467,000 after buying an additional 1,534,255 shares during the last quarter. Caxton Associates LLP boosted its holdings in Wells Fargo & Company by 93.0% in the first quarter. Caxton Associates LLP now owns 24,540 shares of the financial services provider’s stock worth $1,954,000 after acquiring an additional 11,827 shares in the last quarter. Finally, Inceptionr LLC acquired a new stake in Wells Fargo & Company in the first quarter worth about $1,557,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

WFC opened at $86.39 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The firm has a 50 day moving average of $82.72 and a two-hundred day moving average of $83.51. The firm has a market capitalization of $264.37 billion, a PE ratio of 12.56, a P/E/G ratio of 0.94 and a beta of 0.92.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, May 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 26.16%.

Analysts Set New Price Targets

Several research firms have recently issued reports on WFC. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Keefe, Bruyette & Woods dropped their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 15th. JPMorgan Chase & Co. upped their price target on shares of Wells Fargo & Company from $86.50 to $93.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. Finally, HSBC raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a report on Wednesday, April 1st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $98.50.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.