Tower Research Capital LLC TRC Has $1.26 Million Position in Wells Fargo & Co (WFC)

Tower Research Capital LLC TRC lowered its position in shares of Wells Fargo & Co (NYSE:WFC) by 84.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,042 shares of the financial services provider’s stock after selling 129,849 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Wells Fargo & Co were worth $1,264,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in WFC. Cedar Capital LLC raised its stake in shares of Wells Fargo & Co by 13.3% in the 2nd quarter. Cedar Capital LLC now owns 7,383 shares of the financial services provider’s stock valued at $409,000 after acquiring an additional 867 shares during the period. Kessler Investment Group LLC raised its stake in shares of Wells Fargo & Co by 2.3% in the 2nd quarter. Kessler Investment Group LLC now owns 38,680 shares of the financial services provider’s stock valued at $2,144,000 after acquiring an additional 875 shares during the period. Proficio Capital Partners LLC increased its stake in Wells Fargo & Co by 18.4% during the 2nd quarter. Proficio Capital Partners LLC now owns 5,699 shares of the financial services provider’s stock worth $316,000 after buying an additional 886 shares during the period. GHP Investment Advisors Inc. increased its stake in Wells Fargo & Co by 2.9% during the 2nd quarter. GHP Investment Advisors Inc. now owns 31,775 shares of the financial services provider’s stock worth $1,762,000 after buying an additional 886 shares during the period. Finally, Community Trust & Investment Co. increased its stake in Wells Fargo & Co by 13.1% during the 2nd quarter. Community Trust & Investment Co. now owns 7,723 shares of the financial services provider’s stock worth $428,000 after buying an additional 894 shares during the period. Hedge funds and other institutional investors own 73.02% of the company’s stock.

WFC has been the topic of several analyst reports. Edward Jones raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Macquarie dropped their price target on shares of Wells Fargo & Co from $63.00 to $62.00 and set a “neutral” rating on the stock in a research note on Monday, September 17th. UBS Group set a $63.00 price target on shares of Wells Fargo & Co and gave the stock a “buy” rating in a research note on Friday, September 28th. Citigroup raised shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday, November 2nd. Finally, Zacks Investment Research downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Tuesday, September 18th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Wells Fargo & Co has a consensus rating of “Buy” and a consensus price target of $63.79.

Shares of WFC stock opened at $51.78 on Wednesday. The firm has a market cap of $264.76 billion, a price-to-earnings ratio of 12.60, a P/E/G ratio of 1.08 and a beta of 1.00. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.26. Wells Fargo & Co has a 1-year low of $50.02 and a 1-year high of $66.31.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by ($0.04). The company had revenue of $21.94 billion for the quarter, compared to analyst estimates of $21.90 billion. Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. Equities analysts forecast that Wells Fargo & Co will post 4.5 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Friday, November 9th were issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 3.32%. The ex-dividend date was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.

Wells Fargo & Co declared that its Board of Directors has authorized a stock buyback program on Tuesday, October 23rd that authorizes the company to buyback 350,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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About Wells Fargo & Co

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 & Co (NYSE:WFC)

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