Atalanta Sosnoff Capital LLC Purchases New Position in Wells Fargo & Co (WFC)

Atalanta Sosnoff Capital LLC purchased a new position in shares of Wells Fargo & Co (NYSE:WFC) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 680,288 shares of the financial services provider’s stock, valued at approximately $35,756,000.

Several other institutional investors have also recently added to or reduced their stakes in WFC. Dimensional Fund Advisors LP lifted its holdings in shares of Wells Fargo & Co by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 43,088,636 shares of the financial services provider’s stock worth $2,388,296,000 after acquiring an additional 1,874,789 shares during the period. Magellan Asset Management Ltd lifted its holdings in shares of Wells Fargo & Co by 0.3% during the 2nd quarter. Magellan Asset Management Ltd now owns 31,103,695 shares of the financial services provider’s stock worth $1,724,389,000 after acquiring an additional 78,797 shares during the period. Boston Partners lifted its holdings in shares of Wells Fargo & Co by 12.6% during the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock worth $1,176,604,000 after acquiring an additional 2,372,583 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of Wells Fargo & Co by 2.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 16,910,637 shares of the financial services provider’s stock worth $937,526,000 after acquiring an additional 372,355 shares during the period. Finally, Sanders Capital LLC purchased a new position in shares of Wells Fargo & Co during the 2nd quarter worth about $952,809,000. 77.57% of the stock is currently owned by institutional investors.

Several brokerages have recently weighed in on WFC. Zacks Investment Research lowered shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. They noted that the move was a valuation call. Morgan Stanley upgraded shares of Wells Fargo & Co from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $57.00 to $62.00 in a report on Monday, July 2nd. Keefe, Bruyette & Woods upgraded shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $57.00 to $63.00 in a report on Sunday, July 15th. They noted that the move was a valuation call. Finally, Susquehanna Bancshares set a $63.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 13th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $64.22.

In related news, EVP Avid Modjtabai sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $58.71, for a total value of $5,871,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Hope A. Hardison sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the transaction, the executive vice president now owns 109 shares in the company, valued at approximately $6,323.09. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

NYSE WFC opened at $52.11 on Friday. Wells Fargo & Co has a one year low of $50.26 and a one year high of $66.31. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 0.88. The company has a market capitalization of $256.37 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 1.43 and a beta of 1.15.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. Equities research analysts predict that Wells Fargo & Co will post 4.55 EPS for the current year.

Wells Fargo & Co Company Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

Further Reading: Average Daily Trade Volume Explained

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

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