BTR Capital Management Inc. trimmed its holdings in shares of Wells Fargo (NYSE:WFC) by 8.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,894 shares of the financial services provider’s stock after selling 2,437 shares during the period. BTR Capital Management Inc.’s holdings in Wells Fargo were worth $1,510,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in WFC. Patriot Financial Group Insurance Agency LLC raised its stake in shares of Wells Fargo by 0.3% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 6 shares in the last quarter. Jackson Grant Investment Advisers Inc. raised its stake in Wells Fargo by 0.5% during the second quarter. Jackson Grant Investment Advisers Inc. now owns 4,954 shares of the financial services provider’s stock worth $274,000 after acquiring an additional 26 shares during the period. Highland Private Wealth Management raised its stake in Wells Fargo by 1.0% during the second quarter. Highland Private Wealth Management now owns 4,481 shares of the financial services provider’s stock worth $248,000 after acquiring an additional 43 shares during the period. Northwest Quadrant Wealth Management LLC grew its position in Wells Fargo by 0.7% in the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 9,777 shares of the financial services provider’s stock worth $515,000 after purchasing an additional 64 shares during the last quarter. Finally, New England Private Wealth Advisors LLC grew its position in Wells Fargo by 1.9% in the 2nd quarter. New England Private Wealth Advisors LLC now owns 6,538 shares of the financial services provider’s stock worth $361,000 after purchasing an additional 119 shares during the last quarter. 77.33% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on WFC shares. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $57.00 price objective on shares of Wells Fargo in a report on Thursday, April 5th. Vetr upgraded shares of Wells Fargo from a “sell” rating to a “hold” rating and set a $54.10 price objective for the company in a report on Thursday, April 5th. UBS upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a report on Thursday, April 5th. Zacks Investment Research cut shares of Wells Fargo from a “hold” rating to a “sell” rating in a report on Monday. Finally, Morgan Stanley cut shares of Wells Fargo from an “overweight” rating to an “underweight” rating and reduced their target price for the stock from $75.00 to $64.00 in a report on Tuesday, February 6th. Seven equities research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Wells Fargo currently has a consensus rating of “Hold” and a consensus price target of $62.31.
WFC stock traded up $0.77 during trading on Thursday, hitting $52.70. 19,935,074 shares of the stock traded hands, compared to its average volume of 22,708,033. Wells Fargo has a one year low of $49.27 and a one year high of $66.31. The company has a market capitalization of $256,667.41, a P/E ratio of 12.82, a P/E/G ratio of 1.38 and a beta of 1.13. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23.
Wells Fargo (NYSE:WFC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. The firm had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same period in the prior year, the business earned $0.96 earnings per share. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. research analysts expect that Wells Fargo will post 4.69 earnings per share for the current year.
Wells Fargo declared that its Board of Directors has initiated a share buyback plan on Tuesday, January 23rd that permits the company to buyback 350,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In other Wells Fargo news, Director Ronald Sargent purchased 9,000 shares of the stock in a transaction dated Monday, February 12th. The stock was bought at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the transaction, the director now directly owns 81 shares in the company, valued at $4,534.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.09% of the company’s stock.
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Wells Fargo 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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