Wells Fargo & Company (NYSE:WFC) Shares Bought by Picton Mahoney Asset Management

Picton Mahoney Asset Management grew its position in Wells Fargo & Company (NYSE:WFC) by 405.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 359,825 shares of the financial services provider’s stock after acquiring an additional 288,566 shares during the quarter. Picton Mahoney Asset Management’s holdings in Wells Fargo & Company were worth $25,831,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its position in Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after buying an additional 25,436 shares in the last quarter. Loomis Sayles & Co. L P raised its stake in shares of Wells Fargo & Company by 16.5% in the 4th quarter. Loomis Sayles & Co. L P now owns 1,384 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 196 shares during the period. RWA Wealth Partners LLC lifted its holdings in shares of Wells Fargo & Company by 8.0% during the 4th quarter. RWA Wealth Partners LLC now owns 19,291 shares of the financial services provider’s stock valued at $1,355,000 after acquiring an additional 1,427 shares in the last quarter. Hoey Investments Inc. boosted its position in Wells Fargo & Company by 13.7% during the 4th quarter. Hoey Investments Inc. now owns 163,216 shares of the financial services provider’s stock worth $11,464,000 after purchasing an additional 19,620 shares during the period. Finally, Summit Financial LLC boosted its position in Wells Fargo & Company by 5.6% during the 4th quarter. Summit Financial LLC now owns 24,029 shares of the financial services provider’s stock worth $1,688,000 after purchasing an additional 1,275 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on WFC shares. The Goldman Sachs Group cut their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Evercore ISI restated an “outperform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Bank of America boosted their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.39.

Wells Fargo & Company Price Performance

WFC opened at $83.03 on Tuesday. The company has a market capitalization of $270.19 billion, a P/E ratio of 14.22, a PEG ratio of 1.31 and a beta of 1.16. The company has a 50-day moving average of $78.00 and a 200-day moving average of $74.72. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $84.83.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period in the previous year, the company earned $1.33 earnings per share. Wells Fargo & Company’s quarterly revenue was up .6% on a year-over-year basis. Equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a stock buyback program on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.