Kornitzer Capital Management Inc. KS Cuts Holdings in Wells Fargo & Company (NYSE:WFC)

Kornitzer Capital Management Inc. KS lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 9.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 376,695 shares of the financial services provider’s stock after selling 37,960 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Wells Fargo & were worth $20,873,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Alexandria Capital LLC increased its stake in Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 6 shares during the period. Winch Advisory Services LLC increased its stake in Wells Fargo & by 0.7% in the first quarter. Winch Advisory Services LLC now owns 2,756 shares of the financial services provider’s stock valued at $153,000 after acquiring an additional 18 shares during the period. Jackson Grant Investment Advisers Inc. increased its stake in Wells Fargo & by 0.5% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 4,928 shares of the financial services provider’s stock valued at $274,000 after acquiring an additional 24 shares during the period. Keystone Financial Planning Inc. increased its stake in Wells Fargo & by 0.6% in the first quarter. Keystone Financial Planning Inc. now owns 6,755 shares of the financial services provider’s stock valued at $376,000 after acquiring an additional 39 shares during the period. Finally, Country Club Trust Company n.a. increased its stake in Wells Fargo & by 0.3% in the second quarter. Country Club Trust Company n.a. now owns 16,742 shares of the financial services provider’s stock valued at $927,000 after acquiring an additional 47 shares during the period. 75.09% of the stock is owned by institutional investors and hedge funds.

Shares of Wells Fargo & Company (WFC) traded down 0.50% during midday trading on Tuesday, hitting $53.53. 6,134,862 shares of the company were exchanged. The firm has a market capitalization of $263.79 billion, a price-to-earnings ratio of 13.83 and a beta of 0.97. Wells Fargo & Company has a one year low of $44.32 and a one year high of $59.99. The firm’s 50 day moving average price is $53.06 and its 200 day moving average price is $53.54.

Wells Fargo & (NYSE:WFC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). Wells Fargo & had a net margin of 22.00% and a return on equity of 12.59%. The company had revenue of $21.93 billion for the quarter, compared to analyst estimates of $22.30 billion. During the same quarter in the previous year, the firm earned $1.03 EPS. The firm’s revenue was down 1.8% on a year-over-year basis. Analysts forecast that Wells Fargo & Company will post $4.13 EPS for the current fiscal year.

Wells Fargo & declared that its board has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $11.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

WFC has been the topic of a number of analyst reports. Keefe, Bruyette & Woods set a $61.00 target price on shares of 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 shares of Wells Fargo & and gave the company a “neutral” rating in a research note on Friday, October 6th. Zacks Investment Research raised shares of Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & in a research note on Monday, July 3rd. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $58.00 price objective on shares of Wells Fargo & in a research note on Tuesday, September 5th. Six equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Wells Fargo & has a consensus rating of “Hold” and a consensus price target of $57.14.

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Wells Fargo & Company 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.

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

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