Hartford Investment Management Co. Sells 291,684 Shares of Wells Fargo & Company (WFC)

Hartford Investment Management Co. decreased its position in Wells Fargo & Company (NYSE:WFC) by 22.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,030,406 shares of the financial services provider’s stock after selling 291,684 shares during the quarter. Wells Fargo & accounts for approximately 1.1% of Hartford Investment Management Co.’s holdings, making the stock its 11th largest holding. Hartford Investment Management Co.’s holdings in Wells Fargo & were worth $57,095,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Harris Associates L P raised its stake in shares of Wells Fargo & by 1.2% in the 1st quarter. Harris Associates L P now owns 23,796,125 shares of the financial services provider’s stock valued at $1,324,492,000 after purchasing an additional 286,710 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of Wells Fargo & by 3.0% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 14,311,805 shares of the financial services provider’s stock valued at $796,596,000 after purchasing an additional 423,113 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Wells Fargo & by 0.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,415,854 shares of the financial services provider’s stock valued at $746,726,000 after purchasing an additional 93,236 shares during the period. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Wells Fargo & by 49.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 9,713,557 shares of the financial services provider’s stock valued at $540,657,000 after purchasing an additional 3,214,592 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Wells Fargo & by 1.6% in the 1st quarter. AQR Capital Management LLC now owns 9,588,696 shares of the financial services provider’s stock valued at $533,707,000 after purchasing an additional 149,538 shares during the period. 75.19% of the stock is currently owned by hedge funds and other institutional investors.

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Shares of Wells Fargo & Company (WFC) traded up 0.72% on Friday, hitting $51.66. 28,494,345 shares of the stock traded hands. The firm has a market cap of $34.56 billion, a P/E ratio of 12.72 and a beta of 0.96. The stock has a 50-day moving average price of $51.92 and a 200 day moving average price of $54.04. Wells Fargo & Company has a 52 week low of $43.55 and a 52 week high of $59.99.

Wells Fargo & (NYSE:WFC) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.05. The firm had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter last year, the company posted $1.01 EPS. Equities research analysts predict that Wells Fargo & Company will post $4.16 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 4th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, August 2nd. This represents a $1.56 annualized dividend and a dividend yield of 3.02%. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38. Wells Fargo &’s dividend payout ratio (DPR) is 38.42%.

Wells Fargo & declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Several research firms have issued reports on WFC. UBS AG reissued a “neutral” rating and issued a $56.00 price target (down previously from $59.00) on shares of Wells Fargo & in a research note on Friday. Vetr downgraded Wells Fargo & from a “buy” rating to a “sell” rating and set a $48.62 price target on the stock. in a research note on Wednesday. Piper Jaffray Companies reissued a “neutral” rating and issued a $50.00 price target (down previously from $52.00) on shares of Wells Fargo & in a research note on Wednesday. Robert W. Baird reissued a “buy” rating and issued a $58.00 price target on shares of Wells Fargo & in a research note on Tuesday, September 5th. Finally, Keefe, Bruyette & Woods set a $61.00 price objective on Wells Fargo & and gave the company a “buy” rating in a report on Friday, August 25th. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $55.85.

Wells Fargo & Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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

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