Packer & Co Ltd raised its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 61.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 659,800 shares of the financial services provider’s stock after purchasing an additional 251,500 shares during the period. Wells Fargo & Co accounts for approximately 3.6% of Packer & Co Ltd’s investment portfolio, making the stock its 14th biggest holding. Packer & Co Ltd’s holdings in Wells Fargo & Co were worth $34,679,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of WFC. Landaas & Co. WI ADV acquired a new position in shares of Wells Fargo & Co in the 2nd quarter valued at $117,000. Cerebellum GP LLC acquired a new position in shares of Wells Fargo & Co in the 3rd quarter valued at $179,000. Stelac Advisory Services LLC increased its position in shares of 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 acquiring an additional 1,784 shares during the period. Diligent Investors LLC acquired a new position in shares of Wells Fargo & Co in the 2nd quarter valued at $200,000. Finally, Day & Ennis LLC acquired a new position in shares of 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.
Several equities analysts recently issued reports on the company. Zacks Investment Research downgraded Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. They noted that the move was a valuation call. Morgan Stanley raised 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. Keefe, Bruyette & Woods raised Wells Fargo & Co from a “market perform” rating to an “outperform” rating and upped their target price for the company from $57.00 to $63.00 in a research report on Sunday, July 15th. They noted that the move was a valuation call. Finally, Susquehanna Bancshares set a $63.00 target price on Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 13th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the stock. Wells Fargo & Co has an average rating of “Hold” and a consensus price target of $64.22.
Shares of WFC opened at $52.43 on Thursday. The stock has a market cap of $256.37 billion, a price-to-earnings ratio of 12.76, a P/E/G ratio of 1.43 and a beta of 1.15. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.86 and a current ratio of 0.88. Wells Fargo & Co has a fifty-two week low of $50.26 and a fifty-two week high of $66.31.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, July 13th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.04). The company had revenue of $21.55 billion for the quarter, compared to analyst estimates of $21.52 billion. Wells Fargo & Co had a return on equity of 12.38% and a net margin of 22.03%. On average, analysts expect that Wells Fargo & Co will post 4.55 EPS for the current year.
In other Wells Fargo & Co news, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $58.01, for a total value of $1,450,250.00. Following the sale, the executive vice president now directly owns 109 shares in the company, valued at $6,323.09. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.
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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