Roanoke Asset Management Corp NY trimmed its stake in shares of Wells Fargo (NYSE:WFC) by 5.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,725 shares of the financial services provider’s stock after selling 2,546 shares during the quarter. Roanoke Asset Management Corp NY’s holdings in Wells Fargo were worth $2,774,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Beach Investment Management LLC. acquired a new position in Wells Fargo in the 2nd quarter valued at approximately $1,010,000. Canandaigua National Bank & Trust Co. increased its position in Wells Fargo by 0.9% in the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 55,181 shares of the financial services provider’s stock valued at $3,058,000 after acquiring an additional 504 shares during the period. Financial Advisory Group increased its position in Wells Fargo by 0.7% in the 2nd quarter. Financial Advisory Group now owns 5,029 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 35 shares during the period. Family Firm Inc. increased its position in Wells Fargo by 18.3% in the 2nd quarter. Family Firm Inc. now owns 11,203 shares of the financial services provider’s stock valued at $621,000 after acquiring an additional 1,736 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its position in Wells Fargo by 0.5% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 360,957 shares of the financial services provider’s stock valued at $20,000,000 after acquiring an additional 1,815 shares during the period. Institutional investors and hedge funds own 77.33% of the company’s stock.
In other Wells Fargo news, Director Ronald Sargent acquired 9,000 shares of the company’s stock in a transaction on Monday, February 12th. The shares were purchased at an average cost of $55.98 per share, with a total value 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 can be accessed through this hyperlink. 0.09% of the stock is currently owned by company insiders.
WFC has been the subject of several recent research reports. Vetr cut shares of Wells Fargo from a “strong-buy” rating to a “sell” rating and set a $55.47 price target for the company. in a research report on Monday, January 8th. Sanford C. Bernstein upgraded shares of Wells Fargo from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $64.00 to $69.00 in a research report on Wednesday, January 3rd. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Wells Fargo in a research report on Tuesday, January 16th. UBS upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Thursday. Finally, Atlantic Securities upgraded shares of Wells Fargo from an “underweight” rating to a “neutral” rating and set a $64.00 price objective for the company in a research report on Wednesday, January 10th. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $62.31.
Shares of Wells Fargo stock traded down $1.03 during trading hours on Friday, reaching $52.23. The company’s stock had a trading volume of 22,943,843 shares, compared to its average volume of 19,961,630. Wells Fargo has a one year low of $49.27 and a one year high of $66.31. The firm has a market capitalization of $254,765.08, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.37 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 (NYSE:WFC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. The business had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. During the same period last year, the business posted $0.96 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. research analysts forecast that Wells Fargo will post 4.69 EPS for the current year.
Wells Fargo declared that its board has authorized a share repurchase plan on Tuesday, January 23rd that allows the company to repurchase 350,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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Wells Fargo Company 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.
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