Foster Victor Wealth Advisors LLC Buys 8,029 Shares of Wells Fargo & Co (NYSE:WFC)

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Foster Victor Wealth Advisors LLC grew its stake in shares of Wells Fargo & Co (NYSE:WFC) by 71.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 19,305 shares of the financial services provider’s stock after acquiring an additional 8,029 shares during the period. Foster Victor Wealth Advisors LLC’s holdings in Wells Fargo & Co were worth $942,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of WFC. Daily Journal Corp raised its stake in shares of Wells Fargo & Co by 9,900.0% during the second quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after acquiring an additional 157,588,200 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Wells Fargo & Co by 10,041.9% during the second quarter. Nuveen Asset Management LLC now owns 20,960,596 shares of the financial services provider’s stock valued at $991,856,000 after acquiring an additional 20,753,922 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Wells Fargo & Co by 216.1% during the second quarter. AQR Capital Management LLC now owns 7,564,725 shares of the financial services provider’s stock valued at $357,963,000 after acquiring an additional 5,171,498 shares in the last quarter. Longview Partners Guernsey LTD raised its stake in shares of Wells Fargo & Co by 24.2% during the second quarter. Longview Partners Guernsey LTD now owns 26,122,688 shares of the financial services provider’s stock valued at $1,236,126,000 after acquiring an additional 5,090,670 shares in the last quarter. Finally, Primecap Management Co. CA raised its stake in shares of Wells Fargo & Co by 10.0% during the second quarter. Primecap Management Co. CA now owns 50,564,911 shares of the financial services provider’s stock valued at $2,392,732,000 after acquiring an additional 4,600,225 shares in the last quarter. 75.25% of the stock is owned by hedge funds and other institutional investors.

NYSE WFC traded up $0.70 on Friday, hitting $49.35. The stock had a trading volume of 1,434,188 shares, compared to its average volume of 23,514,482. The business’s fifty day moving average price is $47.90 and its 200 day moving average price is $47.14. 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 52-week low of $43.02 and a 52-week high of $55.04. The stock has a market cap of $210.70 billion, a price-to-earnings ratio of 11.32, a price-to-earnings-growth ratio of 0.94 and a beta of 1.11.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same period in the previous year, the company earned $0.98 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis. As a group, sell-side analysts anticipate that Wells Fargo & Co will post 4.77 EPS for the current year.

Wells Fargo & Co declared that its board has initiated a stock buyback program on Thursday, June 27th that permits the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

WFC has been the subject of several research analyst reports. Macquarie downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $54.00 to $47.00 in a research note on Wednesday, July 17th. Wolfe Research downgraded shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Argus raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Monday, September 30th. Morgan Stanley boosted their price objective on shares of Wells Fargo & Co from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Citigroup downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $56.00 to $51.00 in a research note on Friday, July 12th. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $50.48.

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

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