The Wells Fargo & Company (WFC) Position Raised by Covington Capital Management, Report finds

The Wells Fargo & Company (WFC) Position Raised by Covington Capital Management, Report finds

Other hedge funds have also made changes to their positions in the company. Parnassus Investments CA raised its stake in shares of Wells Fargo & Company by 879.2% in the second quarter. Parnassus Investments CA now owns 12,240,229 shares of the financial services provider’s stock valued at $579,330,000 after buying an additional 10,990,229 shares during the period. Vanguard Group Inc. raised its stake in shares of Wells Fargo & Company by 2.2% in the second quarter. Vanguard Group Inc. now owns 288,028,042 shares of the financial services provider’s stock valued at $13,632,368,000 after buying an additional 6,247,583 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Wells Fargo & Company by 13.8% in the second quarter. Dimensional Fund Advisors LP now owns 24,714,185 shares of the financial services provider’s stock valued at $1,169,680,000 after buying an additional 2,987,795 shares during the period. Vantage Investment Partners LLC raised its stake in shares of Wells Fargo & Company by 188.2% in the third quarter. Vantage Investment Partners LLC now owns 3,295,535 shares of the financial services provider’s stock valued at $145,926,000 after buying an additional 2,152,057 shares during the period. Finally, Thomaspartners Inc. raised its stake in shares of Wells Fargo & Company by 69.1% in the second quarter. Thomaspartners Inc. now owns 4,069,225 shares of the financial services provider’s stock valued at $192,596,000 after buying an additional 1,663,121 shares during the period. Institutional investors own 73.60% of the company’s stock.

Covington Capital Management raised its stake in shares of Wells Fargo & Company (NYSE:WFC) by 5.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 342,374 shares of the financial services provider’s stock after buying an additional 17,063 shares during the period. Wells Fargo & Company comprises 1.4% of Covington Capital Management’s investment portfolio, making the stock its 15th largest position. Covington Capital Management’s holdings in Wells Fargo & Company were worth $15,160,000 as of its most recent filing with the SEC.

Wells Fargo & Company (NYSE:WFC) opened at 56.86 on Monday. The company has a 50-day moving average of $55.56 and a 200 day moving average of $50.51. The firm has a market cap of $285.22 billion, a P/E ratio of 14.25 and a beta of 0.98. Wells Fargo & Company has a one year low of $43.55 and a one year high of $58.02.

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

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

Several brokerages have weighed in on WFC. Evercore ISI reaffirmed a “buy” rating and set a $51.00 price target on shares of Wells Fargo & Company in a report on Sunday, October 23rd. Citigroup Inc. reaffirmed a “buy” rating on shares of Wells Fargo & Company in a report on Thursday, November 10th. Deutsche Bank AG lifted their price target on shares of Wells Fargo & Company from $49.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, November 30th. Zacks Investment Research downgraded shares of Wells Fargo & Company from a “buy” rating to a “hold” rating in a report on Saturday, December 31st. Finally, Vetr downgraded shares of Wells Fargo & Company from a “sell” rating to a “strong sell” rating and set a $48.64 price target on the stock. in a report on Monday, December 26th. Seven investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average 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.

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