Successful Portfolios LLC acquired a new stake in Wells Fargo & Co (NYSE:WFC) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,312 shares of the financial services provider’s stock, valued at approximately $217,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Evolution Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Co during the second quarter valued at about $25,000. Next Capital Management LLC purchased a new position in shares of Wells Fargo & Co during the second quarter valued at about $32,000. Global Trust Asset Management LLC increased its position in shares of Wells Fargo & Co by 643.0% during the second quarter. Global Trust Asset Management LLC now owns 5,506 shares of the financial services provider’s stock valued at $40,000 after buying an additional 4,765 shares during the period. Meridian Wealth Management LLC purchased a new position in shares of Wells Fargo & Co during the first quarter valued at about $50,000. Finally, Transamerica Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Co during the second quarter valued at about $51,000. Hedge funds and other institutional investors own 75.25% of the company’s stock.
WFC has been the topic of several research analyst reports. Piper Jaffray Companies set a $46.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a research report on Monday, September 9th. UBS Group cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price target for the company from $51.00 to $49.00 in a research report on Tuesday, September 10th. Argus upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Monday, September 30th. Morgan Stanley boosted their price target on shares of Wells Fargo & Co from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Odeon Capital Group upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Five investment 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. The company presently has a consensus rating of “Hold” and an average price target of $50.48.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The business’s revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.98 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Co will post 4.77 earnings per share for the current fiscal year.
Wells Fargo & Co announced that its Board of Directors has authorized a share buyback program on Thursday, June 27th that allows the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.
About Wells Fargo & Co
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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