Spears Abacus Advisors LLC Sells 23,565 Shares of Wells Fargo & Company (WFC)

Spears Abacus Advisors LLC lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 40.8% during the third quarter, Holdings Channel reports. The institutional investor owned 34,224 shares of the financial services provider’s stock after selling 23,565 shares during the period. Spears Abacus Advisors LLC’s holdings in Wells Fargo & Company were worth $1,515,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. World Asset Management Inc raised its stake in Wells Fargo & Company by 0.3% in the third quarter. World Asset Management Inc now owns 464,895 shares of the financial services provider’s stock valued at $20,586,000 after buying an additional 1,270 shares in the last quarter. Mason Street Advisors LLC acquired a new stake in Wells Fargo & Company during the second quarter valued at approximately $29,454,000. Culbertson A N & Co. Inc. raised its stake in Wells Fargo & Company by 1.7% in the third quarter. Culbertson A N & Co. Inc. now owns 122,556 shares of the financial services provider’s stock valued at $5,427,000 after buying an additional 2,052 shares in the last quarter. Acadian Asset Management LLC raised its stake in Wells Fargo & Company by 97.7% in the third quarter. Acadian Asset Management LLC now owns 2,511,003 shares of the financial services provider’s stock valued at $111,188,000 after buying an additional 1,240,585 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Wells Fargo & Company by 2.2% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 736,538 shares of the financial services provider’s stock valued at $34,860,000 after buying an additional 15,645 shares in the last quarter. 73.60% of the stock is owned by institutional investors and hedge funds.

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

Wells Fargo & Company (NYSE:WFC) traded up 0.23% during midday trading on Friday, reaching $56.86. 12,268,103 shares of the company’s stock traded hands. The stock has a 50-day moving average of $55.56 and a 200 day moving average of $50.51. Wells Fargo & Company has a 52-week low of $43.55 and a 52-week high of $58.02. The company has a market cap of $285.22 billion, a P/E ratio of 14.25 and a beta of 0.98.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, January 13th. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.00 by $0.04. The business earned $21.60 billion during the quarter. Wells Fargo & Company had a net margin of 23.30% and a return on equity of 12.60%. The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 earnings per share. On average, analysts anticipate that Wells Fargo & Company will post $4.19 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 1st. Investors of record on Friday, February 3rd will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Wednesday, February 1st. This represents a $1.52 annualized dividend and a yield of 2.67%. Wells Fargo & Company’s dividend payout ratio is 38.10%.

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A number of equities research analysts have recently issued reports on WFC shares. Vetr lowered shares of Wells Fargo & Company from a “sell” rating to a “strong sell” rating and set a $46.19 price target on the stock. in a report on Thursday, November 17th. Zacks Investment Research lowered shares of Wells Fargo & Company from a “buy” rating to a “hold” rating in a report on Saturday, December 31st. Deutsche Bank AG restated a “buy” rating on shares of Wells Fargo & Company in a report on Friday, December 23rd. Bank of America Corporation restated a “buy” rating and set a $50.00 price target on shares of Wells Fargo & Company in a report on Wednesday, January 11th. Finally, Guggenheim lowered shares of Wells Fargo & Company from a “buy” rating to a “neutral” rating and boosted their price target for the company from $43.55 to $53.22 in a report on Tuesday, November 15th. Seven research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fifteen have given a buy rating to the stock. Wells Fargo & Company has a consensus rating of “Hold” and a consensus target price of $53.11.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

5 Day Chart for NYSE:WFC

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC).

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