Wells Fargo & Co (WFC) Shares Sold by Iowa State Bank

Iowa State Bank lessened its stake in Wells Fargo & Co (NYSE:WFC) by 0.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,728 shares of the financial services provider’s stock after selling 473 shares during the quarter. Wells Fargo & Co accounts for 2.3% of Iowa State Bank’s investment portfolio, making the stock its 13th largest position. Iowa State Bank’s holdings in Wells Fargo & Co were worth $5,109,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Northern Trust Corp grew its stake in Wells Fargo & Co by 0.9% in the 4th quarter. Northern Trust Corp now owns 52,682,537 shares of the financial services provider’s stock valued at $2,427,611,000 after acquiring an additional 449,328 shares during the last quarter. Geode Capital Management LLC grew its stake in Wells Fargo & Co by 4.3% in the 4th 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 acquired a new stake in Wells Fargo & Co in the 4th quarter valued at about $2,004,580,000. Oregon Public Employees Retirement Fund grew its stake in Wells Fargo & Co by 4,415.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,790,126 shares of the financial services provider’s stock valued at $473,000 after acquiring an additional 21,307,608 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in Wells Fargo & Co by 4.9% in the 4th 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. Institutional investors and hedge funds own 72.19% of the company’s stock.

Wells Fargo & Co stock opened at $47.96 on Monday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.87 and a current ratio of 0.88. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $59.53. The stock has a market cap of $233.94 billion, a price-to-earnings ratio of 10.95, a PEG ratio of 0.90 and a beta of 1.11.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. The business had revenue of $21.61 billion for the quarter, compared to analysts’ expectations of $20.89 billion. During the same period last year, the company earned $0.96 earnings per share. As a group, equities research analysts expect that Wells Fargo & Co will post 4.77 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be given a $0.45 dividend. The ex-dividend date is Thursday, May 9th. This represents a $1.80 annualized dividend and a dividend yield of 3.75%. Wells Fargo & Co’s dividend payout ratio is presently 41.10%.

Several research firms have issued reports on WFC. Zacks Investment Research cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Saturday, January 12th. Bank of America cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating in a research note on Monday, April 15th. Royal Bank of Canada raised shares of Wells Fargo & Co from an “underperform” rating to a “sector perform” rating and set a $45.50 price target on the stock in a research note on Wednesday, January 2nd. ValuEngine raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, March 19th. Finally, Raymond James reaffirmed a “hold” rating on shares of Wells Fargo & Co in a research note on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company. Wells Fargo & Co presently has a consensus rating of “Hold” and an average price target of $56.35.

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Wells Fargo & Co Profile

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.

Further Reading: Beige Book

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

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