Virtu Financial LLC increased its position in Wells Fargo (NYSE:WFC) by 7.1% during the fourth quarter, HoldingsChannel reports. The firm owned 54,766 shares of the financial services provider’s stock after acquiring an additional 3,627 shares during the quarter. Virtu Financial LLC’s holdings in Wells Fargo were worth $3,323,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Beach Investment Management LLC. bought a new position in Wells Fargo during the 2nd quarter valued at about $1,010,000. Nations Financial Group Inc. IA ADV lifted its stake in Wells Fargo by 21.4% during the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 5,483 shares of the financial services provider’s stock valued at $304,000 after acquiring an additional 968 shares during the period. Regal Investment Advisors LLC lifted its stake in Wells Fargo by 567.0% during the 2nd quarter. Regal Investment Advisors LLC now owns 44,181 shares of the financial services provider’s stock valued at $2,448,000 after acquiring an additional 37,557 shares during the period. Holowesko Partners Ltd. lifted its stake in Wells Fargo by 0.6% during the 2nd quarter. Holowesko Partners Ltd. now owns 2,052,981 shares of the financial services provider’s stock valued at $113,756,000 after acquiring an additional 13,000 shares during the period. Finally, Dai Ichi Life Insurance Company Ltd lifted its stake in Wells Fargo by 9.6% during the 2nd quarter. Dai Ichi Life Insurance Company Ltd now owns 477,780 shares of the financial services provider’s stock valued at $26,474,000 after acquiring an additional 42,037 shares during the period. Institutional investors own 77.29% of the company’s stock.
WFC has been the topic of several research analyst reports. Morgan Stanley upped their target price on shares of Wells Fargo from $72.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Sandler O’Neill upgraded shares of Wells Fargo from a “hold” rating to a “buy” rating and upped their target price for the company from $62.04 to $73.00 in a research note on Tuesday, January 9th. JPMorgan Chase cut shares of Wells Fargo from a “neutral” rating to an “underweight” rating in a research note on Monday, February 5th. Sanford C. Bernstein upgraded shares of Wells Fargo from a “market perform” rating to an “outperform” rating and upped their target price for the company from $64.00 to $69.00 in a research note on Wednesday, January 3rd. Finally, Vetr upgraded shares of Wells Fargo from a “strong sell” rating to a “sell” rating and set a $54.78 target price on the stock in a research note on Monday, February 5th. Six research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Wells Fargo currently has a consensus rating of “Hold” and a consensus price target of $61.31.
In other news, Director Ronald Sargent bought 9,000 shares of Wells Fargo stock in a transaction that occurred on Monday, February 12th. The stock was bought at an average cost of $55.98 per share, with a total value of $503,820.00. Following the acquisition, the director now owns 81 shares of the company’s stock, valued at approximately $4,534.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.09% of the company’s stock.
Wells Fargo stock opened at $50.80 on Tuesday. The company has a market capitalization of $248,228.89, a P/E ratio of 12.36, a PEG ratio of 1.34 and a beta of 1.13. Wells Fargo has a 12-month low of $49.27 and a 12-month high of $66.31. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.26.
Wells Fargo (NYSE:WFC) last released its earnings results on Friday, April 13th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.05. The company had revenue of $21.93 billion during the quarter, compared to analyst estimates of $21.74 billion. Wells Fargo had a net margin of 22.80% and a return on equity of 12.44%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.00 EPS. analysts forecast that Wells Fargo will post 4.69 EPS for the current year.
Wells Fargo announced that its board has initiated a stock buyback program on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is 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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