IBM Retirement Fund Acquires 4,180 Shares of Wells Fargo (WFC)

IBM Retirement Fund increased its holdings in shares of Wells Fargo (NYSE:WFC) by 3.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 115,459 shares of the financial services provider’s stock after purchasing an additional 4,180 shares during the quarter. Wells Fargo makes up about 1.3% of IBM Retirement Fund’s investment portfolio, making the stock its 12th biggest holding. IBM Retirement Fund’s holdings in Wells Fargo were worth $7,650,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Highland Private Wealth Management raised its position in Wells Fargo by 1.0% during the second quarter. Highland Private Wealth Management now owns 4,481 shares of the financial services provider’s stock worth $248,000 after acquiring an additional 43 shares in the last quarter. Courier Capital LLC raised its position in Wells Fargo by 0.4% during the second quarter. Courier Capital LLC now owns 38,222 shares of the financial services provider’s stock worth $2,118,000 after acquiring an additional 137 shares in the last quarter. Meridian Investment Counsel Inc. raised its position in Wells Fargo by 1.1% during the second quarter. Meridian Investment Counsel Inc. now owns 17,895 shares of the financial services provider’s stock worth $992,000 after acquiring an additional 200 shares in the last quarter. Monetary Management Group Inc. raised its position in Wells Fargo by 0.9% during the second quarter. Monetary Management Group Inc. now owns 23,023 shares of the financial services provider’s stock worth $1,276,000 after acquiring an additional 200 shares in the last quarter. Finally, Farmers National Bank raised its position in Wells Fargo by 2.9% during the second quarter. Farmers National Bank now owns 9,688 shares of the financial services provider’s stock worth $537,000 after acquiring an additional 270 shares in the last quarter. Institutional investors and hedge funds own 77.33% of the company’s stock.

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Several research firms have issued reports on WFC. Vetr raised shares of Wells Fargo from a “sell” rating to a “hold” rating and set a $54.78 price target on the stock in a research report on Monday, February 12th. UBS set a $63.00 price objective on shares of Wells Fargo and gave the company a “hold” rating in a research report on Monday, February 5th. Keefe, Bruyette & Woods lowered shares of Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 price objective on the stock. in a research report on Sunday, February 4th. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price objective on shares of Wells Fargo in a research report on Monday, February 5th. Finally, Zacks Investment Research lowered shares of Wells Fargo from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Six investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. Wells Fargo has an average rating of “Hold” and a consensus price target of $62.31.

NYSE:WFC opened at $52.23 on Monday. Wells Fargo has a 52 week low of $49.27 and a 52 week high of $66.31. The stock has a market cap of $254,765.08, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 1.37 and a beta of 1.13. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90.

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

Wells Fargo announced that its Board of Directors has initiated a share repurchase program on Tuesday, January 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

In other news, Director Ronald Sargent acquired 9,000 shares of Wells Fargo stock in a transaction on Monday, February 12th. The shares were purchased 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 directly owns 81 shares of the company’s stock, valued at approximately $4,534.38. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.09% of the company’s stock.

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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.

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

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