SNS Financial Group LLC reduced its holdings in Wells Fargo (NYSE:WFC) by 9.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,956 shares of the financial services provider’s stock after selling 991 shares during the period. SNS Financial Group LLC’s holdings in Wells Fargo were worth $601,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Westside Investment Management Inc. increased its stake in shares of Wells Fargo by 63.9% during the 2nd quarter. Westside Investment Management Inc. now owns 2,286 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 891 shares during the last quarter. Cerebellum GP LLC acquired a new position in shares of Wells Fargo during the 4th quarter worth about $132,000. BKS Advisors LLC acquired a new position in shares of Wells Fargo during the 3rd quarter worth about $143,000. Delphi Private Advisors LLC increased its stake in shares of Wells Fargo by 439.9% during the 4th quarter. Delphi Private Advisors LLC now owns 2,462 shares of the financial services provider’s stock worth $149,000 after purchasing an additional 2,006 shares during the last quarter. Finally, FSI Group LLC acquired a new position in shares of Wells Fargo during the 4th quarter worth about $165,000. Hedge funds and other institutional investors own 77.29% of the company’s stock.
Several research firms have recently weighed in on WFC. Barclays lowered their price objective on shares of Wells Fargo from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday. Morgan Stanley reduced their target price on shares of Wells Fargo from $64.00 to $60.00 and set an “underweight” rating for the company in a report on Monday. Buckingham Research reduced their target price on shares of Wells Fargo from $75.00 to $70.00 and set a “buy” rating for the company in a report on Monday. Keefe, Bruyette & Woods set a $55.00 target price on shares of Wells Fargo and gave the stock a “hold” rating in a report on Monday. Finally, Piper Jaffray reaffirmed a “hold” rating and set a $58.00 target price on shares of Wells Fargo in a report on Monday. Six equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the stock. Wells Fargo has an average rating of “Hold” and a consensus target price of $61.31.
Wells Fargo (NYSE:WFC) last issued its earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.07 by $0.05. The company had revenue of $21.93 billion during the quarter, compared to analysts’ expectations of $21.74 billion. Wells Fargo had a net margin of 22.80% and a return on equity of 12.44%. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.00 EPS. research analysts forecast that Wells Fargo will post 4.69 EPS for the current fiscal year.
Wells Fargo declared that its Board of Directors has approved a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other news, Director Ronald Sargent bought 9,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was bought at an average cost of $55.98 per share, for a total transaction of $503,820.00. Following the transaction, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by insiders.
Wells Fargo Company Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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