Spectrum Management Group Inc. Acquires 41,230 Shares of Wells Fargo & Co (WFC)

Spectrum Management Group Inc. raised its holdings in Wells Fargo & Co (NYSE:WFC) by 431.6% during the third quarter, HoldingsChannel.com reports. The firm owned 50,782 shares of the financial services provider’s stock after buying an additional 41,230 shares during the period. Wells Fargo & Co comprises about 0.9% of Spectrum Management Group Inc.’s investment portfolio, making the stock its 19th biggest holding. Spectrum Management Group Inc.’s holdings in Wells Fargo & Co were worth $2,801,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of WFC. Confluence Investment Management LLC boosted its holdings in shares of Wells Fargo & Co by 13.4% in the second quarter. Confluence Investment Management LLC now owns 4,675 shares of the financial services provider’s stock valued at $259,000 after acquiring an additional 554 shares in the last quarter. First Financial Bank Trust Division boosted its holdings in shares of Wells Fargo & Co by 1.7% in the second quarter. First Financial Bank Trust Division now owns 125,220 shares of the financial services provider’s stock valued at $6,938,000 after acquiring an additional 2,036 shares in the last quarter. Banced Corp boosted its holdings in shares of Wells Fargo & Co by 7.2% in the second quarter. Banced Corp now owns 3,911 shares of the financial services provider’s stock valued at $217,000 after acquiring an additional 262 shares in the last quarter. Narwhal Capital Management boosted its holdings in shares of Wells Fargo & Co by 33.7% in the second quarter. Narwhal Capital Management now owns 85,035 shares of the financial services provider’s stock valued at $4,712,000 after acquiring an additional 21,450 shares in the last quarter. Finally, Pennsylvania Trust Co boosted its holdings in Wells Fargo & Co by 7.1% during the second quarter. Pennsylvania Trust Co now owns 186,376 shares of the financial services provider’s stock worth $10,335,000 after buying an additional 12,282 shares in the last quarter. Institutional investors own 75.71% of the company’s stock.

Shares of Wells Fargo & Co (NYSE WFC) opened at $64.22 on Monday. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $64.31. The stock has a market cap of $316,470.00, a PE ratio of 15.55, a price-to-earnings-growth ratio of 1.69 and a beta of 0.96. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88.

Wells Fargo & Co (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 & Co had a net margin of 22.57% and a return on equity of 12.24%. The business had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. During the same period last year, the company earned $0.96 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. equities research analysts expect that Wells Fargo & Co will post 4.7 EPS for the current fiscal year.

A number of research firms recently commented on WFC. Goldman Sachs Group reissued a “buy” rating on shares of Wells Fargo & Co in a report on Wednesday, October 11th. Vetr raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.49 price objective on the stock in a report on Tuesday, October 24th. Vertical Group began coverage on shares of Wells Fargo & Co in a report on Friday, October 6th. They set a “sell” rating on the stock. Credit Suisse Group reissued a “hold” rating and set a $57.00 price objective on shares of Wells Fargo & Co in a report on Tuesday, October 10th. Finally, UBS Group set a $55.00 price objective on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday, October 16th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $61.71.

In other Wells Fargo & Co news, insider John R. Shrewsberry sold 70,000 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $56.90, for a total value of $3,983,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael J. Loughlin sold 17,482 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $57.80, for a total transaction of $1,010,459.60. The disclosure for this sale can be found here. Insiders sold 184,482 shares of company stock worth $10,471,050 in the last ninety days. Insiders own 0.22% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Spectrum Management Group Inc. Acquires 41,230 Shares of Wells Fargo & Co (WFC)” was originally posted by Stock Observer and is owned by of Stock Observer. If you are accessing this piece of content on another publication, it was illegally stolen and republished in violation of U.S. & international copyright & trademark law. The legal version of this piece of content can be accessed at https://www.thestockobserver.com/2018/01/22/spectrum-management-group-inc-acquires-41230-shares-of-wells-fargo-co-wfc.html.

Wells Fargo & Co Company Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).

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

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply