Perkins Coie Trust Co Sells 252 Shares of Wells Fargo & Company (NYSE:WFC)

Perkins Coie Trust Co reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 52,141 shares of the financial services provider’s stock after selling 252 shares during the period. Perkins Coie Trust Co’s holdings in Wells Fargo & Company were worth $2,945,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its stake in shares of 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 acquiring an additional 831,975 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in Wells Fargo & Company by 67.1% during the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after purchasing an additional 2,349,595 shares during the period. First Pacific Advisors LP increased its holdings in Wells Fargo & Company by 2.1% during the 2nd quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider’s stock worth $313,500,000 after purchasing an additional 108,480 shares during the period. Canada Pension Plan Investment Board increased its holdings in 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 purchasing an additional 1,415,647 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Wells Fargo & Company by 1.0% during the 1st quarter. Russell Investments Group Ltd. now owns 4,662,953 shares of the financial services provider’s stock worth $270,035,000 after purchasing an additional 48,419 shares during the period. 75.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on WFC shares. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and reduced their price objective for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Tuesday, September 3rd. Evercore ISI raised their price objective on Wells Fargo & Company from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods cut their price target on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Finally, Morgan Stanley cut their price target on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Twelve research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Hold” and an average price target of $60.65.

Wells Fargo & Company Stock Up 0.3 %

Shares of Wells Fargo & Company stock traded up $0.18 during trading on Wednesday, reaching $57.48. The company’s stock had a trading volume of 850,086 shares, compared to its average volume of 17,853,750. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The company has a market cap of $200.39 billion, a price-to-earnings ratio of 11.76, a P/E/G ratio of 1.32 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $38.58 and a 1-year high of $62.55. The company has a 50-day simple moving average of $55.25 and a two-hundred day simple moving average of $57.76.

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

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.78%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 32.85%.

About Wells Fargo & Company

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.