Tower Research Capital LLC TRC boosted its position in shares of Wells Fargo (NYSE:WFC) by 13,613.0% in the fourth quarter, Holdings Channel reports. The fund owned 92,837 shares of the financial services provider’s stock after purchasing an additional 92,160 shares during the quarter. Wells Fargo comprises 0.7% of Tower Research Capital LLC TRC’s investment portfolio, making the stock its 15th biggest holding. Tower Research Capital LLC TRC’s holdings in Wells Fargo were worth $5,633,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Wells Fargo by 1.2% in the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock worth $17,440,601,000 after buying an additional 3,621,402 shares in the last quarter. Capital World Investors increased its position in Wells Fargo by 10.8% in the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after buying an additional 10,927,679 shares in the last quarter. Capital Research Global Investors increased its position in Wells Fargo by 19.7% in the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after buying an additional 7,445,414 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Wells Fargo by 17.8% in the third quarter. Dimensional Fund Advisors LP now owns 35,143,414 shares of the financial services provider’s stock worth $1,937,888,000 after buying an additional 5,305,125 shares in the last quarter. Finally, Davis Selected Advisers increased its position in Wells Fargo by 1.4% in the third quarter. Davis Selected Advisers now owns 26,335,478 shares of the financial services provider’s stock worth $1,451,064,000 after buying an additional 368,667 shares in the last quarter. Institutional investors own 77.29% of the company’s stock.
A number of analysts have commented on the company. Barclays reduced their price target on Wells Fargo from $71.00 to $66.00 and set an “overweight” rating for the company in a research report on Monday. Morgan Stanley cut their target price on Wells Fargo from $64.00 to $60.00 and set an “underweight” rating for the company in a research report on Monday. Buckingham Research cut their target price on Wells Fargo from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Monday. Keefe, Bruyette & Woods set a $55.00 target price on Wells Fargo and gave the stock a “hold” rating in a research report on Monday. Finally, Piper Jaffray reiterated a “hold” rating and set a $58.00 target price on shares of Wells Fargo in a research report on Monday. Six investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the stock. Wells Fargo currently has a consensus rating of “Hold” and a consensus target price of $61.31.
In related news, Director Ronald Sargent acquired 9,000 shares of the stock in a transaction dated Monday, February 12th. The stock was acquired at an average cost of $55.98 per share, with a total value of $503,820.00. Following the purchase, the director now directly owns 81 shares of the company’s stock, valued at $4,534.38. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.09% of the stock is owned by company insiders.
Shares of Wells Fargo stock opened at $50.80 on Tuesday. Wells Fargo has a 12 month low of $49.27 and a 12 month high of $66.31. The company has a market cap of $248,228.89, a P/E ratio of 12.36, a PEG ratio of 1.34 and a beta of 1.13. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.88 and a quick ratio of 0.86.
Wells Fargo (NYSE:WFC) last announced its quarterly earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. Wells Fargo had a return on equity of 12.44% and a net margin of 22.80%. The company had revenue of $21.93 billion during the quarter, compared to analyst estimates of $21.74 billion. During the same period in the prior year, the company earned $1.00 earnings per share. The firm’s revenue was down 1.4% on a year-over-year basis. research analysts predict that Wells Fargo will post 4.69 earnings per share for the current year.
Wells Fargo announced that its board has initiated a stock repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
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About Wells Fargo
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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