Cerebellum GP LLC Has $132,000 Stock Position in Wells Fargo & Co (NYSE:WFC)

Cerebellum GP LLC lowered its stake in Wells Fargo & Co (NYSE:WFC) by 68.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,174 shares of the financial services provider’s stock after selling 4,759 shares during the quarter. Cerebellum GP LLC’s holdings in Wells Fargo & Co were worth $132,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Cardinal Capital Management Inc. increased its position in Wells Fargo & Co by 1.2% during the third quarter. Cardinal Capital Management Inc. now owns 341,438 shares of the financial services provider’s stock worth $17,222,000 after buying an additional 4,100 shares during the last quarter. Keystone Financial Planning Inc. increased its position in Wells Fargo & Co by 2.7% during the third quarter. Keystone Financial Planning Inc. now owns 114,555 shares of the financial services provider’s stock worth $5,778,000 after buying an additional 2,967 shares during the last quarter. Berkshire Asset Management LLC PA grew its position in shares of Wells Fargo & Co by 21.4% in the third quarter. Berkshire Asset Management LLC PA now owns 595,157 shares of the financial services provider’s stock valued at $30,020,000 after purchasing an additional 104,718 shares during the last quarter. Hennessy Advisors Inc. grew its position in shares of Wells Fargo & Co by 4.9% in the third quarter. Hennessy Advisors Inc. now owns 112,700 shares of the financial services provider’s stock valued at $5,685,000 after purchasing an additional 5,300 shares during the last quarter. Finally, Foundations Investment Advisors LLC grew its position in shares of Wells Fargo & Co by 12.2% in the third quarter. Foundations Investment Advisors LLC now owns 7,548 shares of the financial services provider’s stock valued at $366,000 after purchasing an additional 819 shares during the last quarter. 75.28% of the stock is currently owned by hedge funds and other institutional investors.

Shares of WFC stock opened at $49.59 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The stock has a market cap of $216.82 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. The stock has a 50 day simple moving average of $48.47 and a 200 day simple moving average of $47.17. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $55.04.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.23). The company had revenue of $22.01 billion during the quarter, compared to the consensus estimate of $21.32 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the firm posted $1.13 earnings per share. Analysts forecast that Wells Fargo & Co will post 4.69 EPS for the current year.

Wells Fargo & Co announced that its Board of Directors has initiated a stock repurchase plan 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Several research firms have recently commented on WFC. Morgan Stanley upped their target price on Wells Fargo & Co from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Wolfe Research downgraded Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, July 10th. BMO Capital Markets decreased their target price on Wells Fargo & Co from $59.00 to $57.00 and set a “market perform” rating on the stock in a research report on Wednesday. Citigroup downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their target price for the company from $56.00 to $51.00 in a research report on Friday, July 12th. Finally, Argus raised Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Monday, September 30th. Four investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $49.75.

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

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