TRUE Private Wealth Advisors lessened its stake in Wells Fargo & Co (NYSE:WFC) by 17.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 31,332 shares of the financial services provider’s stock after selling 6,474 shares during the quarter. TRUE Private Wealth Advisors’ holdings in Wells Fargo & Co were worth $1,580,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. Evolution Wealth Advisors LLC purchased a new position in Wells Fargo & Co in the second quarter worth approximately $25,000. Next Capital Management LLC purchased a new position in shares of Wells Fargo & Co during the second quarter worth $32,000. Meridian Wealth Management LLC purchased a new position in shares of Wells Fargo & Co during the first quarter worth $50,000. Transamerica Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Co during the second quarter worth $51,000. Finally, Redhawk Wealth Advisors Inc. purchased a new position in shares of Wells Fargo & Co during the second quarter worth $63,000. 75.25% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently commented on the company. Argus upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Monday, September 30th. Bank of America set a $50.00 price target on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Monday, September 30th. JPMorgan Chase & Co. lowered their price target on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research report on Tuesday, July 9th. Credit Suisse Group raised their price target on Wells Fargo & Co from $52.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, October 4th. Finally, Piper Jaffray Companies set a $46.00 price target on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Monday, September 9th. Five analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $50.48.
Shares of NYSE WFC traded up $0.40 during mid-day trading on Wednesday, hitting $48.22. The company had a trading volume of 3,323,808 shares, compared to its average volume of 20,875,557. The company has a market capitalization of $216.82 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $55.04. The business’s 50-day simple moving average is $47.77 and its 200 day simple moving average is $47.15.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the firm earned $0.98 earnings per share. On average, analysts expect that Wells Fargo & Co will post 4.77 EPS for the current year.
Wells Fargo & Co announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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. 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.
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