Lantz Financial LLC increased its position in Wells Fargo & Co (NYSE:WFC) by 23.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,539 shares of the financial services provider’s stock after buying an additional 3,697 shares during the quarter. Lantz Financial LLC’s holdings in Wells Fargo & Co were worth $947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Evolution Wealth Advisors LLC bought a new stake in Wells Fargo & Co in the 2nd quarter worth approximately $25,000. Next Capital Management LLC bought a new stake in Wells Fargo & Co in the 2nd quarter worth approximately $32,000. NuWave Investment Management LLC lifted its position in Wells Fargo & Co by 122.3% in the 3rd quarter. NuWave Investment Management LLC now owns 798 shares of the financial services provider’s stock worth $39,000 after buying an additional 439 shares during the last quarter. Transamerica Financial Advisors Inc. bought a new stake in Wells Fargo & Co in the 2nd quarter worth approximately $51,000. Finally, Redhawk Wealth Advisors Inc. bought a new stake in Wells Fargo & Co in the second quarter valued at approximately $63,000. Institutional investors own 75.28% of the company’s stock.
Shares of Wells Fargo & Co stock traded up $0.36 during midday trading on Friday, reaching $49.97. 18,203,599 shares of the company’s stock traded hands, compared to its average volume of 24,189,582. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.87 and a current ratio of 0.86. The company has a market cap of $218.59 billion, a PE ratio of 11.41, a price-to-earnings-growth ratio of 1.02 and a beta of 1.11. The stock has a 50 day moving average of $48.66 and a 200-day moving average of $47.19. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $55.04.
Wells Fargo & Co declared that its Board of Directors has approved a share repurchase plan on Thursday, June 27th that allows the company to buyback $23.10 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Several analysts have weighed in on the company. Piper Jaffray Companies set a $46.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a research report on Monday, September 9th. Morgan Stanley boosted their price objective 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. Buckingham Research set a $47.00 price objective on Wells Fargo & Co and gave the company a “hold” rating in a research report on Monday, September 30th. Robert W. Baird downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 price objective for the company. in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. lowered their price objective on Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a research report on Tuesday, July 9th. Four equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $49.75.
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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