Wells Fargo & Company (WFC) Shares Bought by Country Trust Bank
Country Trust Bank lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 765,164 shares of the financial services provider’s stock after acquiring an additional 1,481 shares during the quarter. Wells Fargo & accounts for about 2.0% of Country Trust Bank’s holdings, making the stock its 12th biggest position. Country Trust Bank’s holdings in Wells Fargo & were worth $42,398,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the company. LGT Capital Partners LTD. raised its position in shares of Wells Fargo & by 4.4% during the 1st quarter. LGT Capital Partners LTD. now owns 247,860 shares of the financial services provider’s stock worth $13,796,000 after purchasing an additional 10,350 shares during the last quarter. Rothschild Investment Corp IL raised its position in shares of Wells Fargo & by 2.1% during the 1st quarter. Rothschild Investment Corp IL now owns 27,325 shares of the financial services provider’s stock worth $1,521,000 after purchasing an additional 569 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Wells Fargo & during the 1st quarter worth approximately $334,000. Stewart & Patten Co. LLC raised its position in shares of Wells Fargo & by 3.3% during the 1st quarter. Stewart & Patten Co. LLC now owns 268,358 shares of the financial services provider’s stock worth $14,937,000 after purchasing an additional 8,503 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of Wells Fargo & by 1.1% during the 1st quarter. Retirement Systems of Alabama now owns 3,071,155 shares of the financial services provider’s stock worth $170,940,000 after purchasing an additional 34,289 shares during the last quarter. 75.12% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Wells Fargo & Company (NYSE:WFC) opened at 55.58 on Friday. The stock has a market capitalization of $275.90 billion, a PE ratio of 13.69 and a beta of 0.97. Wells Fargo & Company has a 12 month low of $44.28 and a 12 month high of $59.99. The company’s 50-day moving average is $52.59 and its 200-day moving average is $53.59.
Wells Fargo & (NYSE:WFC) last released its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.05. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The company had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $22.23 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The company’s revenue was up .2% compared to the same quarter last year. Equities research analysts expect that Wells Fargo & Company will post $4.14 earnings per share for the current fiscal year.
Wells Fargo & declared that its board has authorized a share repurchase plan on Wednesday, June 28th that allows the company to buyback $11.50 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
Several brokerages recently issued reports on WFC. Keefe, Bruyette & Woods restated a “buy” rating and set a $62.00 price objective on shares of Wells Fargo & in a research report on Friday, June 23rd. BidaskClub upgraded Wells Fargo & from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. Vetr upgraded Wells Fargo & from a “hold” rating to a “buy” rating and set a $55.95 price objective for the company in a research report on Monday, June 26th. Vertical Group began coverage on Wells Fargo & in a research report on Friday. They set a “sell” rating for the company. Finally, UBS AG set a $57.00 price objective on Wells Fargo & and gave the stock a “neutral” rating in a research report on Friday. Eight research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.44.
Wells Fargo & Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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