Buckley Wealth Management LLC trimmed its holdings in Wells Fargo & Co (NYSE:WFC) by 54.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,132 shares of the financial services provider’s stock after selling 8,531 shares during the quarter. Buckley Wealth Management LLC’s holdings in Wells Fargo & Co were worth $360,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Evolution Wealth Advisors LLC acquired a new stake in Wells Fargo & Co in the 2nd quarter valued at about $25,000. Next Capital Management LLC acquired a new stake in Wells Fargo & Co in the 2nd quarter valued at about $32,000. Global Trust Asset Management LLC lifted its holdings in Wells Fargo & Co by 643.0% in the 2nd quarter. Global Trust Asset Management LLC now owns 5,506 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 4,765 shares during the last quarter. Meridian Wealth Management LLC acquired a new stake in Wells Fargo & Co in the 1st quarter valued at about $50,000. Finally, Transamerica Financial Advisors Inc. acquired a new stake in Wells Fargo & Co in the 2nd quarter valued at about $51,000. 75.25% of the stock is owned by institutional investors.
A number of brokerages have weighed in on WFC. Buckingham Research set a $47.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Monday, September 30th. Deutsche Bank set a $44.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 26th. Piper Jaffray Companies set a $46.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a research note on Monday, September 9th. JPMorgan Chase & Co. reduced their price objective on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research note on Tuesday, July 9th. Finally, BMO Capital Markets reduced their price objective on shares of Wells Fargo & Co to $59.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $50.48.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.14. The company had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 EPS. 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 authorized a share repurchase plan on Thursday, June 27th that allows the company to repurchase $23.10 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
Wells Fargo & Co Profile
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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