Letko Brosseau & Associates Inc. Purchases 19,975 Shares of Wells Fargo & Co (NYSE:WFC)

Letko Brosseau & Associates Inc. grew its position in shares of Wells Fargo & Co (NYSE:WFC) by 1.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,596,824 shares of the financial services provider’s stock after acquiring an additional 19,975 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Wells Fargo & Co were worth $75,562,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Daily Journal Corp raised its stake in shares of Wells Fargo & Co by 9,900.0% during the second quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after acquiring an additional 157,588,200 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Wells Fargo & Co by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after acquiring an additional 2,114,810 shares during the last quarter. Norges Bank bought a new position in shares of Wells Fargo & Co during the fourth quarter valued at about $2,004,580,000. Legal & General Group Plc raised its stake in shares of Wells Fargo & Co by 4.9% during the fourth quarter. Legal & General Group Plc now owns 20,391,629 shares of the financial services provider’s stock valued at $939,635,000 after acquiring an additional 947,264 shares during the last quarter. Finally, Sanders Capital LLC raised its stake in shares of Wells Fargo & Co by 2.9% during the second quarter. Sanders Capital LLC now owns 17,546,738 shares of the financial services provider’s stock valued at $915,731,000 after acquiring an additional 487,700 shares during the last quarter. 76.89% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts have recently commented on WFC shares. Atlantic Securities downgraded shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price objective for the company. in a research note on Tuesday, June 11th. Buckingham Research lowered their price objective on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Wolfe Research downgraded shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Citigroup downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $56.00 to $51.00 in a research note on Friday, July 12th. Finally, Morgan Stanley lowered their price objective on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 17th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $51.12.

WFC stock traded down $0.35 during trading on Thursday, reaching $43.62. The company had a trading volume of 12,571,802 shares, compared to its average volume of 22,285,064. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $59.53. The stock has a market cap of $200.13 billion, a P/E ratio of 9.96, a P/E/G ratio of 0.88 and a beta of 1.08. The business’s 50 day moving average price is $47.06. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The company had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $20.95 billion. During the same period in the prior year, the firm earned $0.98 earnings per share. Wells Fargo & Co’s revenue was up .1% on a year-over-year basis. Analysts forecast that Wells Fargo & Co will post 4.8 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date is Thursday, August 8th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio is 46.58%.

Wells Fargo & Co announced that its Board of Directors has authorized a share buyback program on Thursday, June 27th that allows the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

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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