Sompo Asset Management Co. Ltd. Has $1.19 Million Position in Wells Fargo & Company (NYSE:WFC)

Sompo Asset Management Co. Ltd. cut its stake in Wells Fargo & Company (NYSE:WFC) by 5.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,950 shares of the financial services provider’s stock after selling 1,050 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Wells Fargo & Company were worth $1,185,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of WFC. Capital World Investors increased its stake in Wells Fargo & Company by 1.0% in the fourth quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock valued at $1,295,459,000 after purchasing an additional 263,176 shares in the last quarter. Sanders Capital LLC increased its position in shares of Wells Fargo & Company by 3.2% in the 4th quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock valued at $1,241,231,000 after buying an additional 781,772 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Wells Fargo & Company by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock worth $1,178,591,000 after buying an additional 831,975 shares during the period. California State Teachers Retirement System lifted its holdings in Wells Fargo & Company by 0.4% during the fourth quarter. California State Teachers Retirement System now owns 5,905,934 shares of the financial services provider’s stock worth $290,690,000 after acquiring an additional 25,896 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in 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 worth $339,226,000 after acquiring an additional 2,349,595 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on WFC. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Tuesday, September 3rd. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. BMO Capital Markets lifted their price target on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods lowered their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research report on Monday, July 15th. Finally, The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Twelve equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $60.29.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $56.26 on Friday. The stock has a market capitalization of $196.14 billion, a PE ratio of 11.55, a P/E/G ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The firm has a fifty day simple moving average of $56.19 and a 200 day simple moving average of $57.88. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11.

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

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were given a $0.40 dividend. 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. This represents a $1.60 annualized dividend and a dividend yield of 2.84%. Wells Fargo & Company’s dividend payout ratio is presently 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.