Swedbank cut its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 2.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,291,242 shares of the financial services provider’s stock after selling 99,687 shares during the quarter. Swedbank owned about 0.07% of Wells Fargo & Co worth $172,988,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of WFC. Landaas & Co. WI ADV acquired a new position in Wells Fargo & Co in the 2nd quarter valued at $117,000. Cerebellum GP LLC acquired a new position in Wells Fargo & Co in the 3rd quarter valued at $179,000. Stelac Advisory Services LLC grew its holdings in Wells Fargo & Co by 99.3% in the 1st quarter. Stelac Advisory Services LLC now owns 3,581 shares of the financial services provider’s stock valued at $188,000 after buying an additional 1,784 shares in the last quarter. Diligent Investors LLC acquired a new position in Wells Fargo & Co in the 2nd quarter valued at $200,000. Finally, Day & Ennis LLC acquired a new position in Wells Fargo & Co in the 2nd quarter valued at $202,000. 77.57% of the stock is currently owned by institutional investors and hedge funds.
Shares of WFC stock opened at $52.11 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.22. Wells Fargo & Co has a twelve month low of $50.26 and a twelve month high of $66.31. The firm has a market cap 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 announced its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a return on equity of 12.38% and a net margin of 22.03%. On average, research analysts expect that Wells Fargo & Co will post 4.55 earnings per share for the current fiscal year.
In related news, EVP Hope A. Hardison sold 25,000 shares of the company’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the sale, the executive vice president now directly owns 109 shares in the company, valued at approximately $6,323.09. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Avid Modjtabai sold 100,000 shares of the company’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $58.71, for a total value of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.
WFC has been the subject of a number of recent analyst reports. Edward Jones upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Monday, September 17th. Zacks Investment Research downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Tuesday, September 18th. Macquarie cut their target price on Wells Fargo & Co from $63.00 to $62.00 and set a “neutral” rating for the company in a research report on Monday, September 17th. Morgan Stanley upgraded Wells Fargo & Co from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $57.00 to $62.00 in a research report on Monday, July 2nd. Finally, Wolfe Research initiated coverage on Wells Fargo & Co in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. Four analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. Wells Fargo & Co presently has a consensus rating of “Hold” and an average price target of $64.22.
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.
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