Foster Victor Wealth Advisors LLC Purchases 8,029 Shares of Wells Fargo & Co (NYSE:WFC)

Foster Victor Wealth Advisors LLC grew its position in shares of Wells Fargo & Co (NYSE:WFC) by 71.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,305 shares of the financial services provider’s stock after buying an additional 8,029 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in Wells Fargo & Co were worth $942,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Daily Journal Corp raised its holdings in Wells Fargo & Co by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after purchasing an additional 157,588,200 shares during the period. Nuveen Asset Management LLC raised its holdings in Wells Fargo & Co by 10,041.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 20,960,596 shares of the financial services provider’s stock worth $991,856,000 after purchasing an additional 20,753,922 shares during the period. AQR Capital Management LLC raised its holdings in Wells Fargo & Co by 216.1% in the 2nd quarter. AQR Capital Management LLC now owns 7,564,725 shares of the financial services provider’s stock worth $357,963,000 after purchasing an additional 5,171,498 shares during the period. Longview Partners Guernsey LTD raised its holdings in Wells Fargo & Co by 24.2% in the 2nd quarter. Longview Partners Guernsey LTD now owns 26,122,688 shares of the financial services provider’s stock worth $1,236,126,000 after purchasing an additional 5,090,670 shares during the period. Finally, Primecap Management Co. CA raised its holdings in Wells Fargo & Co by 10.0% in the 2nd quarter. Primecap Management Co. CA now owns 50,564,911 shares of the financial services provider’s stock worth $2,392,732,000 after purchasing an additional 4,600,225 shares during the period. 75.25% of the stock is currently owned by hedge funds and other institutional investors.

WFC has been the topic of a number of recent research reports. Odeon Capital Group raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. UBS Group cut Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $51.00 to $49.00 in a report on Tuesday, September 10th. Robert W. Baird cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 target price on the stock. in a report on Monday, September 30th. Deutsche Bank set a $44.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Buckingham Research set a $47.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday, September 30th. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $50.48.

WFC stock traded up $0.70 during trading on Friday, reaching $49.35. The company’s stock had a trading volume of 1,434,188 shares, compared to its average volume of 23,514,482. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $55.04. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $210.70 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 0.94 and a beta of 1.11. The company’s fifty day moving average is $47.90 and its 200-day moving average is $47.14.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.98 EPS. Analysts anticipate that Wells Fargo & Co will post 4.77 earnings per share for the current year.

Wells Fargo & Co declared that its Board of Directors has authorized a share buyback plan on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wells Fargo & Co 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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