Essex Financial Services Inc. Has $4.07 Million Stake in Facebook, Inc. (FB)

Essex Financial Services Inc. lessened its position in Facebook, Inc. (NASDAQ:FB) by 5.4% in the third quarter, Holdings Channel reports. The institutional investor owned 24,742 shares of the social networking company’s stock after selling 1,426 shares during the period. Facebook comprises about 0.9% of Essex Financial Services Inc.’s holdings, making the stock its 27th biggest position. Essex Financial Services Inc.’s holdings in Facebook were worth $4,069,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. IMA Wealth Inc. acquired a new position in Facebook during the second quarter worth approximately $122,000. Aviance Capital Management LLC acquired a new position in Facebook during the second quarter worth approximately $151,000. Marino Stram & Associates LLC increased its position in Facebook by 115.3% during the second quarter. Marino Stram & Associates LLC now owns 945 shares of the social networking company’s stock worth $184,000 after purchasing an additional 506 shares during the last quarter. Arlington Partners LLC acquired a new position in Facebook during the third quarter worth approximately $164,000. Finally, Lenox Wealth Management Inc. increased its position in Facebook by 65.5% during the third quarter. Lenox Wealth Management Inc. now owns 1,023 shares of the social networking company’s stock worth $168,000 after purchasing an additional 405 shares during the last quarter. 60.49% of the stock is owned by institutional investors and hedge funds.

In other Facebook news, CFO David M. Wehner sold 4,761 shares of the stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $165.59, for a total transaction of $788,373.99. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Colin Stretch sold 9,000 shares of the stock in a transaction on Wednesday, January 30th. The shares were sold at an average price of $150.00, for a total transaction of $1,350,000.00. Following the transaction, the vice president now owns 94,680 shares in the company, valued at $14,202,000. The disclosure for this sale can be found here. Insiders have sold a total of 360,149 shares of company stock worth $50,413,684 over the last quarter. 16.25% of the stock is currently owned by insiders.

Shares of FB stock opened at $164.07 on Thursday. The firm has a market capitalization of $479.44 billion, a PE ratio of 21.67, a PEG ratio of 0.98 and a beta of 0.93. Facebook, Inc. has a twelve month low of $123.02 and a twelve month high of $218.62.

Facebook (NASDAQ:FB) last announced its earnings results on Wednesday, January 30th. The social networking company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.18 by $0.20. The business had revenue of $16.91 billion during the quarter, compared to the consensus estimate of $16.40 billion. Facebook had a net margin of 39.60% and a return on equity of 27.51%. The business’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.44 earnings per share. As a group, analysts anticipate that Facebook, Inc. will post 7.55 EPS for the current fiscal year.

Several equities analysts recently commented on FB shares. Mizuho dropped their price target on shares of Facebook from $245.00 to $220.00 and set a “buy” rating for the company in a research report on Wednesday, October 31st. SunTrust Banks reiterated a “buy” rating and set a $200.00 price objective on shares of Facebook in a research note on Monday, October 29th. Royal Bank of Canada reiterated a “buy” rating and set a $225.00 price objective on shares of Facebook in a research note on Monday, October 29th. Macquarie reiterated a “buy” rating and set a $190.00 price objective on shares of Facebook in a research note on Monday, October 29th. Finally, Wells Fargo & Co set a $220.00 price objective on shares of Facebook and gave the stock a “buy” rating in a research note on Monday, October 29th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and forty have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $190.62.

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Facebook Company Profile

Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. The company's products include Facebook that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing photos, videos, and messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application for use by people and businesses to communicate in a private way.

See Also: Index Funds

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Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

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