World Asset Management Inc lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 12.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 409,693 shares of the financial services provider’s stock after selling 58,945 shares during the quarter. Wells Fargo & comprises 0.8% of World Asset Management Inc’s portfolio, making the stock its 12th biggest holding. World Asset Management Inc’s holdings in Wells Fargo & were worth $22,701,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Harris Associates L P raised its stake in Wells Fargo & by 1.2% during the 1st quarter. Harris Associates L P now owns 23,796,125 shares of the financial services provider’s stock valued at $1,324,492,000 after purchasing an additional 286,710 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Wells Fargo & by 3.0% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 14,311,805 shares of the financial services provider’s stock valued at $796,596,000 after purchasing an additional 423,113 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Wells Fargo & by 0.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,415,854 shares of the financial services provider’s stock valued at $746,726,000 after purchasing an additional 93,236 shares during the period. Longview Partners Guernsey LTD raised its stake in Wells Fargo & by 5.3% during the 2nd quarter. Longview Partners Guernsey LTD now owns 12,544,667 shares of the financial services provider’s stock valued at $695,100,000 after purchasing an additional 636,994 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in Wells Fargo & by 49.5% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 9,713,557 shares of the financial services provider’s stock valued at $540,657,000 after purchasing an additional 3,214,592 shares during the period. 75.12% of the stock is currently owned by institutional investors.
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WFC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods set a $61.00 target price on Wells Fargo & and gave the company a “buy” rating in a research note on Friday, August 25th. UBS AG set a $57.00 target price on Wells Fargo & and gave the company a “neutral” rating in a research note on Friday, October 6th. Zacks Investment Research raised Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & in a research note on Monday, July 3rd. Finally, Robert W. Baird restated a “buy” rating and set a $58.00 price target on shares of Wells Fargo & in a report on Tuesday, September 5th. Seven analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $57.19.
Shares of Wells Fargo & Company (WFC) opened at 55.21 on Friday. The company has a market capitalization of $274.06 billion, a price-to-earnings ratio of 13.60 and a beta of 0.97. Wells Fargo & Company has a 12 month low of $44.32 and a 12 month high of $59.99. The firm’s 50-day moving average price is $52.98 and its 200-day moving average price is $53.58.
Wells Fargo & (NYSE:WFC) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The business had revenue of $22.20 billion during the quarter, compared to analyst estimates of $22.23 billion. During the same period last year, the business posted $1.01 earnings per share. The company’s quarterly revenue was up .2% on a year-over-year basis. Equities research analysts expect that Wells Fargo & Company will post $4.14 EPS for the current year.
Wells Fargo & announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
About Wells Fargo &
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.
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