Profund Advisors LLC Sells 3,427 Shares of Wells Fargo & Company (NYSE:WFC)

Profund Advisors LLC lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 6.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 52,755 shares of the financial services provider’s stock after selling 3,427 shares during the quarter. Profund Advisors LLC’s holdings in Wells Fargo & Company were worth $3,133,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in WFC. 1832 Asset Management L.P. increased its position in shares of Wells Fargo & Company by 67.1% during the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock valued at $339,226,000 after acquiring an additional 2,349,595 shares in the last quarter. Morningstar Investment Services LLC grew its position in Wells Fargo & Company by 103.7% in the 4th quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock worth $189,684,000 after purchasing an additional 1,951,477 shares during the period. Rokos Capital Management LLP boosted its stake in shares of Wells Fargo & Company by 141.6% during the 1st quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock worth $151,853,000 after acquiring an additional 1,536,152 shares during the last quarter. Mn Services Vermogensbeheer B.V. purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth $84,819,000. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Wells Fargo & Company by 38.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock worth $297,411,000 after acquiring an additional 1,415,647 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and dropped their price target for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods lowered their target price on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research note on Monday, July 15th. Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group decreased their price target on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Twelve equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Wells Fargo & Company has an average rating of “Hold” and an average price target of $60.29.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $56.29 on Monday. The firm has a market capitalization of $196.24 billion, a P/E ratio of 11.56, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. The company’s 50-day moving average is $56.19 and its 200 day moving average is $57.90. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.04. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. Wells Fargo & Company’s revenue was up .8% compared to the same quarter last year. During the same period last year, the company posted $1.25 earnings per share. Research analysts forecast that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.84%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.