Wells Fargo & Co (NYSE:WFC) Shares Sold by Denali Advisors LLC

Denali Advisors LLC lessened its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 4.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 296,000 shares of the financial services provider’s stock after selling 12,700 shares during the period. Wells Fargo & Co makes up approximately 2.1% of Denali Advisors LLC’s holdings, making the stock its largest position. Denali Advisors LLC’s holdings in Wells Fargo & Co were worth $14,930,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of WFC. Daily Journal Corp lifted its position in shares of Wells Fargo & Co by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after purchasing an additional 157,588,200 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Wells Fargo & Co by 10,041.9% during the 2nd quarter. Nuveen Asset Management LLC now owns 20,960,596 shares of the financial services provider’s stock worth $991,856,000 after purchasing an additional 20,753,922 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Wells Fargo & Co by 216.1% during the 2nd quarter. AQR Capital Management LLC now owns 7,564,725 shares of the financial services provider’s stock worth $357,963,000 after purchasing an additional 5,171,498 shares during the last quarter. Longview Partners Guernsey LTD lifted its position in shares of Wells Fargo & Co by 24.2% during the 2nd quarter. Longview Partners Guernsey LTD now owns 26,122,688 shares of the financial services provider’s stock worth $1,236,126,000 after purchasing an additional 5,090,670 shares during the last quarter. Finally, Primecap Management Co. CA lifted its position in shares of Wells Fargo & Co by 10.0% during the 2nd quarter. Primecap Management Co. CA now owns 50,564,911 shares of the financial services provider’s stock worth $2,392,732,000 after purchasing an additional 4,600,225 shares during the last quarter. 75.25% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Co stock traded up $0.33 during trading hours on Wednesday, hitting $48.15. The stock had a trading volume of 12,421,180 shares, compared to its average volume of 20,837,896. The company has a 50-day moving average of $47.82 and a two-hundred day moving average of $47.14. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The company has a market cap of $216.82 billion, a PE ratio of 10.99, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11. Wells Fargo & Co has a fifty-two week low of $43.02 and a fifty-two week high of $55.04.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The business had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same period in the prior year, the firm posted $0.98 EPS. Wells Fargo & Co’s quarterly revenue was up .1% compared to the same quarter last year. As a group, analysts forecast that Wells Fargo & Co will post 4.77 EPS for the current fiscal year.

Wells Fargo & Co declared that its Board of Directors has initiated a share buyback program on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Several equities analysts recently weighed in on WFC shares. Deutsche Bank set a $44.00 price objective on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 26th. Bank of America set a $50.00 price objective on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Monday, September 30th. Credit Suisse Group boosted their price objective on Wells Fargo & Co from $52.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, October 4th. BMO Capital Markets cut their price target on Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Finally, Wolfe Research cut Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Five research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $50.48.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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