World Asset Management Inc trimmed its position in shares of Wells Fargo & Co (NYSE:WFC) by 1.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 272,444 shares of the financial services provider’s stock after selling 3,873 shares during the quarter. Wells Fargo & Co accounts for approximately 0.7% of World Asset Management Inc’s holdings, making the stock its 19th largest position. World Asset Management Inc’s holdings in Wells Fargo & Co were worth $14,320,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Landaas & Co. WI ADV bought a new position in Wells Fargo & Co in the 2nd quarter worth $117,000. Cerebellum GP LLC bought a new position in Wells Fargo & Co in the 3rd quarter worth $179,000. Stelac Advisory Services LLC raised its holdings in 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 worth $188,000 after purchasing an additional 1,784 shares during the period. Diligent Investors LLC bought a new position in Wells Fargo & Co in the 2nd quarter worth $200,000. Finally, Day & Ennis LLC bought a new position in Wells Fargo & Co in the 2nd quarter worth $202,000. 77.57% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently commented on WFC. Zacks Investment Research cut Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Sunday, July 15th. ValuEngine cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Friday, September 28th. Keefe, Bruyette & Woods upgraded Wells Fargo & Co from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $57.00 to $63.00 in a research note on Sunday, July 15th. They noted that the move was a valuation call. Susquehanna Bancshares set a $63.00 price target on Wells Fargo & Co and gave the stock a “hold” rating in a research note on Friday, July 13th. Finally, Morgan Stanley upgraded Wells Fargo & Co from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $57.00 to $62.00 in a research note on Monday, July 2nd. Four analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $64.22.
Shares of WFC stock opened at $52.11 on Friday. Wells Fargo & Co has a 52-week low of $50.26 and a 52-week high of $66.31. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $256.37 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 1.43 and a beta of 1.15.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%. Analysts expect that Wells Fargo & Co will post 4.55 EPS for the current year.
In other news, EVP Avid Modjtabai sold 100,000 shares of the firm’s 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Hope A. Hardison sold 25,000 shares of the firm’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $58.01, for a total value of $1,450,250.00. Following the transaction, the executive vice president now owns 109 shares of the company’s stock, valued at approximately $6,323.09. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.
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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