Eagle Ridge Investment Management Reduces Holdings in Wells Fargo (NYSE:WFC)

Eagle Ridge Investment Management lessened its holdings in Wells Fargo (NYSE:WFC) by 33.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,000 shares of the financial services provider’s stock after selling 5,000 shares during the period. Eagle Ridge Investment Management’s holdings in Wells Fargo were worth $607,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in WFC. Beach Investment Management LLC. acquired a new position in shares of Wells Fargo in the second quarter valued at approximately $1,010,000. Pinnacle Wealth Management Advisory Group LLC raised its position in shares of Wells Fargo by 6.4% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 32,476 shares of the financial services provider’s stock valued at $1,799,000 after buying an additional 1,967 shares during the last quarter. Schaper Benz & Wise Investment Counsel Inc. WI raised its position in shares of Wells Fargo by 1.3% in the second quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 244,777 shares of the financial services provider’s stock valued at $13,563,000 after buying an additional 3,080 shares during the last quarter. Hanson McClain Inc. raised its position in shares of Wells Fargo by 0.8% in the second quarter. Hanson McClain Inc. now owns 22,449 shares of the financial services provider’s stock valued at $1,244,000 after buying an additional 185 shares during the last quarter. Finally, Paradigm Asset Management Co. LLC acquired a new position in shares of Wells Fargo in the second quarter valued at approximately $3,352,000. 77.33% of the stock is currently owned by institutional investors.

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Several equities analysts recently commented on the stock. Bank of America dropped their price target on shares of Wells Fargo from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Monday, February 5th. Morgan Stanley lowered shares of Wells Fargo from an “equal weight” rating to an “underweight” rating in a research report on Monday, February 5th. JPMorgan Chase lowered shares of Wells Fargo from a “neutral” rating to an “underweight” rating in a research report on Monday, February 5th. Vetr raised shares of Wells Fargo from a “sell” rating to a “hold” rating and set a $54.10 price target for the company in a research report on Thursday. Finally, UBS raised shares of Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Thursday. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $62.31.

Shares of WFC stock traded down $1.03 on Friday, hitting $52.23. The stock had a trading volume of 22,942,373 shares, compared to its average volume of 23,079,508. The company has a market capitalization of $258,081.95, a PE ratio of 12.71, a price-to-earnings-growth ratio of 1.39 and a beta of 1.13. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23. Wells Fargo has a 52-week low of $49.27 and a 52-week high of $66.31.

Wells Fargo (NYSE:WFC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.07). The firm had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. Wells Fargo’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.96 earnings per share. equities research analysts predict that Wells Fargo will post 4.69 EPS for the current year.

Wells Fargo declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

In other news, Director Ronald Sargent bought 9,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was acquired at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the purchase, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.09% of the stock is currently owned by corporate insiders.

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Wells Fargo Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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

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