Arden Trust Co Trims Position in Wells Fargo & Co (NYSE:WFC)

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Arden Trust Co trimmed its holdings in Wells Fargo & Co (NYSE:WFC) by 7.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 70,563 shares of the financial services provider’s stock after selling 5,703 shares during the quarter. Arden Trust Co’s holdings in Wells Fargo & Co were worth $3,560,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Cardinal Capital Management Inc. raised its holdings in shares of Wells Fargo & Co by 1.2% in the third quarter. Cardinal Capital Management Inc. now owns 341,438 shares of the financial services provider’s stock valued at $17,222,000 after buying an additional 4,100 shares during the last quarter. Keystone Financial Planning Inc. raised its holdings in shares of Wells Fargo & Co by 2.7% in the third quarter. Keystone Financial Planning Inc. now owns 114,555 shares of the financial services provider’s stock valued at $5,778,000 after buying an additional 2,967 shares during the last quarter. Berkshire Asset Management LLC PA raised its holdings 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 buying an additional 104,718 shares during the last quarter. Hennessy Advisors Inc. raised its holdings 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 buying an additional 5,300 shares during the last quarter. Finally, Foundations Investment Advisors LLC raised its holdings 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 buying an additional 819 shares during the last quarter. 75.25% of the stock is owned by institutional investors and hedge funds.

NYSE WFC traded up $0.34 during trading hours on Wednesday, hitting $48.16. 5,958,267 shares of the stock were exchanged, compared to its average volume of 20,875,557. The company has a market cap of $216.82 billion, a price-to-earnings ratio of 11.00, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $55.04. The stock has a 50-day moving average of $47.77 and a 200 day moving average of $47.15. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36.

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, topping the consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The company had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same period in the prior year, the business posted $0.98 earnings per share. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities research analysts expect that Wells Fargo & Co will post 4.77 earnings per share for the current year.

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

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Bank of America set a $50.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Monday, September 30th. Buckingham Research set a $47.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a report on Monday, September 30th. Macquarie cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $54.00 to $47.00 in a report on Wednesday, July 17th. Finally, Robert W. Baird cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 price target for the company. in a report on Monday, September 30th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $50.48.

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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