Tiaa Fsb Cuts Stock Position in Wells Fargo & Co (NYSE:WFC)

Tiaa Fsb lowered its holdings in Wells Fargo & Co (NYSE:WFC) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 301,536 shares of the financial services provider’s stock after selling 5,804 shares during the period. Tiaa Fsb’s holdings in Wells Fargo & Co were worth $15,210,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of WFC. Evolution Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Co during the 2nd quarter valued at $25,000. Next Capital Management LLC bought a new position in Wells Fargo & Co in the 2nd quarter worth about $32,000. Global Trust Asset Management LLC increased its stake in Wells Fargo & Co by 643.0% in the 2nd quarter. Global Trust Asset Management LLC now owns 5,506 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 4,765 shares during the last quarter. Meridian Wealth Management LLC bought a new position in Wells Fargo & Co in the 1st quarter worth about $50,000. Finally, Transamerica Financial Advisors Inc. bought a new position in Wells Fargo & Co in the 2nd quarter worth about $51,000. 75.25% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have weighed in on the company. BMO Capital Markets decreased their target price on Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. JPMorgan Chase & Co. decreased their target price on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th. Wolfe Research lowered Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Atlantic Securities lowered Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 target price on the stock. in a research note on Tuesday, June 11th. Finally, Robert W. Baird lowered Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research note on Monday, September 30th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company. Wells Fargo & Co currently has an average rating of “Hold” and an average target price of $50.48.

Shares of WFC traded up $0.48 during midday trading on Wednesday, reaching $48.30. The stock had a trading volume of 226,466 shares, compared to its average volume of 20,875,557. The company has a market capitalization of $216.82 billion, a price-to-earnings ratio of 11.03, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $55.04. The company’s 50-day moving average is $47.77 and its 200 day moving average is $47.15. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.14. The company had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. Wells Fargo & Co’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 EPS. Research analysts forecast that Wells Fargo & Co will post 4.77 EPS for the current fiscal year.

Wells Fargo & Co announced that its Board of Directors has authorized a stock repurchase plan on Thursday, June 27th that authorizes the company to buyback $23.10 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

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. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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

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