Panagora Asset Management Inc. Acquires 864,616 Shares of Wells Fargo & Company (NYSE:WFC)

Panagora Asset Management Inc. increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 1,531.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 921,084 shares of the financial services provider’s stock after acquiring an additional 864,616 shares during the quarter. Panagora Asset Management Inc.’s holdings in Wells Fargo & Company were worth $42,748,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Wells Fargo & Company by 18.6% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 765,137 shares of the financial services provider’s stock valued at $34,653,000 after purchasing an additional 120,189 shares in the last quarter. Isthmus Partners LLC acquired a new position in Wells Fargo & Company during the 2nd quarter valued at approximately $27,000. Moors & Cabot Inc. increased its stake in Wells Fargo & Company by 11.4% during the 2nd quarter. Moors & Cabot Inc. now owns 53,405 shares of the financial services provider’s stock valued at $2,419,000 after purchasing an additional 5,456 shares in the last quarter. Greenleaf Trust increased its stake in Wells Fargo & Company by 8.5% during the 2nd quarter. Greenleaf Trust now owns 36,265 shares of the financial services provider’s stock valued at $1,642,000 after purchasing an additional 2,835 shares in the last quarter. Finally, Waters Parkerson & CO. LLC acquired a new position in Wells Fargo & Company during the 2nd quarter valued at approximately $221,000. Hedge funds and other institutional investors own 69.47% of the company’s stock.

Wells Fargo & Company stock opened at $58.06 on Friday. Wells Fargo & Company has a 12-month low of $29.68 and a 12-month high of $58.87. The stock has a market cap of $238.42 billion, a P/E ratio of 13.69, a PEG ratio of 1.44 and a beta of 1.30. The company has a 50-day moving average price of $50.33 and a 200 day moving average price of $48.18. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, January 14th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.29. Wells Fargo & Company had a net margin of 23.82% and a return on equity of 11.20%. The firm had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $18.61 billion. During the same period last year, the business earned $0.64 earnings per share. Wells Fargo & Company’s revenue was up 12.8% compared to the same quarter last year. As a group, analysts forecast that Wells Fargo & Company will post 4.68 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 1st. Shareholders of record on Friday, November 5th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.38%. The ex-dividend date was Thursday, November 4th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 18.87%.

WFC has been the topic of several recent research reports. UBS Group initiated coverage on shares of Wells Fargo & Company in a report on Friday, December 10th. They issued a “buy” rating and a $65.00 price objective on the stock. Morgan Stanley raised shares of Wells Fargo & Company from an “equal weight” rating to an “overweight” rating and set a $61.00 price objective on the stock in a report on Monday, December 6th. TheStreet raised shares of Wells Fargo & Company from a “c+” rating to a “b-” rating in a report on Thursday, October 14th. Barclays raised shares of Wells Fargo & Company from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $50.00 to $62.00 in a report on Monday, January 3rd. Finally, Raymond James increased their price target on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the stock an “outperform” rating in a report on Thursday, December 9th. Three analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $52.24.

About Wells Fargo & Company

Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.

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

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