Boston Research & Management Inc. lessened its position in shares of Wells Fargo (NYSE:WFC) by 4.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 54,029 shares of the financial services provider’s stock after selling 2,550 shares during the quarter. Wells Fargo accounts for 1.6% of Boston Research & Management Inc.’s portfolio, making the stock its 29th largest position. Boston Research & Management Inc.’s holdings in Wells Fargo were worth $3,277,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of WFC. Beach Investment Management LLC. purchased a new stake in shares of Wells Fargo in the second quarter worth about $1,010,000. Nations Financial Group Inc. IA ADV boosted its stake in shares of Wells Fargo by 21.4% in the second quarter. Nations Financial Group Inc. IA ADV now owns 5,483 shares of the financial services provider’s stock worth $304,000 after buying an additional 968 shares during the last quarter. Regal Investment Advisors LLC boosted its stake in shares of Wells Fargo by 567.0% in the second quarter. Regal Investment Advisors LLC now owns 44,181 shares of the financial services provider’s stock worth $2,448,000 after buying an additional 37,557 shares during the last quarter. Holowesko Partners Ltd. boosted its stake in shares of Wells Fargo by 0.6% in the second quarter. Holowesko Partners Ltd. now owns 2,052,981 shares of the financial services provider’s stock worth $113,756,000 after buying an additional 13,000 shares during the last quarter. Finally, Dai Ichi Life Insurance Company Ltd boosted its stake in shares of Wells Fargo by 9.6% in the second quarter. Dai Ichi Life Insurance Company Ltd now owns 477,780 shares of the financial services provider’s stock worth $26,474,000 after buying an additional 42,037 shares during the last quarter. Institutional investors and hedge funds own 77.29% of the company’s stock.
In other news, Director Ronald Sargent bought 9,000 shares of Wells Fargo stock in a transaction on Monday, February 12th. The stock was acquired at an average price of $55.98 per share, with a total value of $503,820.00. Following the completion of the acquisition, the director now directly owns 81 shares of the company’s stock, valued at $4,534.38. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is owned by corporate insiders.
Wells Fargo (NYSE:WFC) last announced its earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. Wells Fargo had a return on equity of 12.44% and a net margin of 22.80%. The business had revenue of $21.93 billion during the quarter, compared to analysts’ expectations of $21.74 billion. During the same quarter in the prior year, the firm earned $1.00 earnings per share. The business’s revenue was down 1.4% compared to the same quarter last year. equities research analysts anticipate that Wells Fargo will post 4.69 EPS for the current fiscal year.
Wells Fargo announced that its board has approved a stock repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
A number of brokerages have recently commented on WFC. Barclays lowered their target price on Wells Fargo from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday. Morgan Stanley lowered their target price on Wells Fargo from $64.00 to $60.00 and set an “underweight” rating on the stock in a research note on Monday. Buckingham Research lowered their target price on Wells Fargo from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday. Keefe, Bruyette & Woods set a $55.00 target price on Wells Fargo and gave the stock a “hold” rating in a research note on Monday. Finally, Piper Jaffray reiterated a “hold” rating and set a $58.00 price target on shares of Wells Fargo in a research report on Monday. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $61.31.
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About Wells Fargo
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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