Parsons Capital Management Inc. RI trimmed its position in Wells Fargo & Co (NYSE:WFC) by 6.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,963 shares of the financial services provider’s stock after selling 2,665 shares during the period. Parsons Capital Management Inc. RI’s holdings in Wells Fargo & Co were worth $2,094,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Delphi Private Advisors LLC raised its stake in Wells Fargo & Co by 262.8% in the second quarter. Delphi Private Advisors LLC now owns 2,017 shares of the financial services provider’s stock valued at $100,000 after buying an additional 1,461 shares during the period. Stelac Advisory Services LLC acquired a new position in shares of Wells Fargo & Co in the second quarter valued at approximately $104,000. Patriot Financial Group Insurance Agency LLC grew its position in Wells Fargo & Co by 0.3% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after buying an additional 6 shares in the last quarter. Clear Investment Research LLC acquired a new stake in Wells Fargo & Co during the second quarter worth approximately $121,000. Finally, Westside Investment Management Inc. grew its position in Wells Fargo & Co by 63.9% during the second quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after buying an additional 891 shares in the last quarter. Institutional investors and hedge funds own 75.70% of the company’s stock.
Shares of Wells Fargo & Co (NYSE:WFC) opened at $62.55 on Friday. Wells Fargo & Co has a 1-year low of $49.27 and a 1-year high of $63.67. The company has a market cap of $308,240.00, a P/E ratio of 16.16, a P/E/G ratio of 1.66 and a beta of 0.96. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.32.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). The business had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a net margin of 22.00% and a return on equity of 12.59%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.96 earnings per share. analysts expect that Wells Fargo & Co will post 3.98 earnings per share for the current fiscal year.
WFC has been the topic of a number of analyst reports. Vetr downgraded Wells Fargo & Co from a “strong-buy” rating to a “sell” rating and set a $55.47 price target on the stock. in a research report on Monday, January 8th. UBS Group set a $57.00 target price on Wells Fargo & Co and gave the stock a “neutral” rating in a research note on Friday, October 6th. Sanford C. Bernstein upgraded Wells Fargo & Co from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $64.00 to $69.00 in a research note on Wednesday, January 3rd. BMO Capital Markets increased their price target on Wells Fargo & Co from $49.00 to $50.00 and gave the company a “market perform” rating in a research note on Monday, October 16th. Finally, Goldman Sachs Group reiterated a “buy” rating on shares of Wells Fargo & Co in a research note on Wednesday, October 11th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $60.89.
In related news, insider Michael J. Loughlin sold 17,482 shares of the company’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $57.80, for a total value of $1,010,459.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John R. Shrewsberry sold 70,000 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $56.90, for a total transaction of $3,983,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 184,482 shares of company stock valued at $10,471,050 over the last 90 days. Company insiders own 0.22% of the company’s stock.
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Wells Fargo & Co 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.
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