McCarthy Asset Management Inc. Sells 241 Shares of Wells Fargo & Company (NYSE:WFC)

McCarthy Asset Management Inc. reduced its position in Wells Fargo & Company (NYSE:WFC) by 2.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 10,201 shares of the financial services provider’s stock after selling 241 shares during the period. Wells Fargo & Company comprises 0.3% of McCarthy Asset Management Inc.’s holdings, making the stock its 24th largest position. McCarthy Asset Management Inc.’s holdings in Wells Fargo & Company were worth $502,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Consolidated Planning Corp bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $259,000. Intact Investment Management Inc. increased its position in shares of Wells Fargo & Company by 21.0% in the fourth quarter. Intact Investment Management Inc. now owns 235,700 shares of the financial services provider’s stock worth $11,601,000 after purchasing an additional 40,900 shares during the last quarter. Addison Advisors LLC raised its position in shares of Wells Fargo & Company by 27.7% during the 4th quarter. Addison Advisors LLC now owns 1,409 shares of the financial services provider’s stock valued at $69,000 after buying an additional 306 shares in the last quarter. Delta Investment Management LLC grew its position in Wells Fargo & Company by 5.5% in the fourth quarter. Delta Investment Management LLC now owns 7,320 shares of the financial services provider’s stock worth $360,000 after acquiring an additional 384 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Wells Fargo & Company in the fourth quarter valued at $402,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC traded down $0.02 during midday trading on Friday, reaching $59.91. 18,785,900 shares of the company’s stock traded hands, compared to its average volume of 18,078,044. The company has a fifty day simple moving average of $56.93 and a two-hundred day simple moving average of $49.56. Wells Fargo & Company has a 1 year low of $36.40 and a 1 year high of $61.76. The company has a market cap of $212.11 billion, a P/E ratio of 12.51, a PEG ratio of 1.16 and a beta of 1.19. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same period in the prior year, the business posted $1.23 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Equities analysts predict that Wells Fargo & Company will post 5.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on WFC. The Goldman Sachs Group upped their price target on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 1st. Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. HSBC increased their target price on Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Compass Point reaffirmed a “neutral” rating and issued a $64.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, April 9th. Finally, Oppenheimer reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Thirteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of “Hold” and an average target price of $58.85.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.