Burns J W & Co. Inc. NY Lowers Stake in Wells Fargo & Co (NYSE:WFC)

Burns J W & Co. Inc. NY lowered its stake in shares of Wells Fargo & Co (NYSE:WFC) by 5.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 4,494 shares of the financial services provider’s stock after selling 275 shares during the period. Burns J W & Co. Inc. NY’s holdings in Wells Fargo & Co were worth $227,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of WFC. Gilbert & Cook Inc. boosted its position in Wells Fargo & Co by 0.6% in the 2nd quarter. Gilbert & Cook Inc. now owns 40,447 shares of the financial services provider’s stock valued at $1,914,000 after buying an additional 225 shares during the period. Private Wealth Advisors Inc. boosted its position in Wells Fargo & Co by 1.2% in the 2nd quarter. Private Wealth Advisors Inc. now owns 20,653 shares of the financial services provider’s stock valued at $977,000 after buying an additional 242 shares during the period. Warren Averett Asset Management LLC boosted its position in Wells Fargo & Co by 4.3% in the 2nd quarter. Warren Averett Asset Management LLC now owns 5,937 shares of the financial services provider’s stock valued at $281,000 after buying an additional 245 shares during the period. Fulton Bank N.A. boosted its position in Wells Fargo & Co by 1.3% in the 3rd quarter. Fulton Bank N.A. now owns 19,943 shares of the financial services provider’s stock valued at $1,006,000 after buying an additional 253 shares during the period. Finally, Altium Wealth Management LLC boosted its position in Wells Fargo & Co by 0.9% in the 2nd quarter. Altium Wealth Management LLC now owns 28,799 shares of the financial services provider’s stock valued at $1,363,000 after buying an additional 257 shares during the period. 75.25% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:WFC opened at $49.21 on Friday. The company’s fifty day moving average price is $47.99 and its 200 day moving average price is $47.15. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $55.04. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. The firm has a market capitalization of $216.82 billion, a P/E ratio of 11.24, a P/E/G ratio of 0.94 and a beta of 1.11.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same period last year, the business earned $0.98 EPS. Wells Fargo & Co’s revenue for the quarter was up .1% compared to the same quarter last year. On average, sell-side analysts anticipate that Wells Fargo & Co will post 4.77 EPS for the current year.

Wells Fargo & Co announced that its Board of Directors has approved a stock buyback 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 purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

A number of brokerages have recently weighed in on WFC. Bank of America set a $50.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Monday, September 30th. Deutsche Bank set a $44.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. JPMorgan Chase & Co. reduced their price objective on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a report on Tuesday, July 9th. UBS Group lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $51.00 to $49.00 in a report on Tuesday, September 10th. Finally, Macquarie lowered shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $54.00 to $47.00 in a report on Wednesday, July 17th. Five analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $50.48.

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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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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