Bristol John W & Co. Inc. NY cut its holdings in Wells Fargo & Co (NYSE:WFC) by 1.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,008,426 shares of the financial services provider’s stock after selling 16,391 shares during the period. Bristol John W & Co. Inc. NY’s holdings in Wells Fargo & Co were worth $50,865,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Evolution Wealth Advisors LLC bought a new position in Wells Fargo & Co in the 2nd quarter worth approximately $25,000. Next Capital Management LLC bought a new position in Wells Fargo & Co in the 2nd quarter worth approximately $32,000. NuWave Investment Management LLC boosted its holdings in Wells Fargo & Co by 122.3% in the 3rd quarter. NuWave Investment Management LLC now owns 798 shares of the financial services provider’s stock worth $39,000 after buying an additional 439 shares during the period. Meridian Wealth Management LLC bought a new position in Wells Fargo & Co in the 1st quarter worth approximately $50,000. Finally, Transamerica Financial Advisors Inc. bought a new position in Wells Fargo & Co in the 2nd quarter worth approximately $51,000. 75.28% of the stock is owned by institutional investors.
Shares of Wells Fargo & Co stock traded up $1.33 on Tuesday, hitting $50.60. 2,166,031 shares of the company traded hands, compared to its average volume of 22,834,276. The firm’s 50-day simple moving average is $48.25 and its 200 day simple moving average is $47.16. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The company has a market cap of $216.82 billion, a P/E ratio of 11.53, a P/E/G ratio of 0.98 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.
Wells Fargo & Co announced that its board has authorized a stock buyback plan on Thursday, June 27th that authorizes the company to buyback $23.10 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Several research analysts have commented on WFC shares. Buckingham Research set a $47.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Monday, September 30th. Odeon Capital Group raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Wolfe Research downgraded shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Citigroup downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their price target for the company from $56.00 to $51.00 in a report on Friday, July 12th. Finally, Macquarie downgraded shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and cut their price target for the company from $54.00 to $47.00 in a report on Wednesday, July 17th. Four analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $50.48.
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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