BKS Advisors LLC Maintains Stake in Wells Fargo & Co. (WFC)
BKS Advisors LLC continued to hold its position in shares of Wells Fargo & Co. (NYSE:WFC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,670 shares of the financial services provider’s stock at the end of the second quarter. BKS Advisors LLC’s holdings in Wells Fargo & Co. were worth $221,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. CIBC World Markets Inc. raised its stake in Wells Fargo & Co. by 13.6% in the second quarter. CIBC World Markets Inc. now owns 784,944 shares of the financial services provider’s stock valued at $37,151,000 after buying an additional 93,961 shares during the period. Svenska Handelsbanken AB publ purchased a new stake in Wells Fargo & Co. during the second quarter valued at $15,118,000. Exxonmobil Investment Management Inc. TX raised its stake in Wells Fargo & Co. by 6.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 1,195,917 shares of the financial services provider’s stock valued at $56,603,000 after buying an additional 71,107 shares during the period. Lazard Asset Management LLC raised its stake in Wells Fargo & Co. by 10.3% in the first quarter. Lazard Asset Management LLC now owns 6,564,216 shares of the financial services provider’s stock valued at $317,445,000 after buying an additional 611,374 shares during the period. Finally, Aviva PLC raised its stake in Wells Fargo & Co. by 0.7% in the first quarter. Aviva PLC now owns 3,065,051 shares of the financial services provider’s stock valued at $148,226,000 after buying an additional 22,620 shares during the period. 73.98% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Wells Fargo & Co. (NYSE:WFC) traded up 0.46% during trading on Wednesday, hitting $45.66. 3,609,629 shares of the stock traded hands. The company has a market cap of $230.38 billion, a P/E ratio of 11.27 and a beta of 0.91. The stock has a 50-day moving average of $47.02 and a 200 day moving average of $48.13. Wells Fargo & Co. has a 1-year low of $43.55 and a 1-year high of $56.34.
Wells Fargo & Co. (NYSE:WFC) last posted its quarterly earnings results on Friday, July 15th. The financial services provider reported $1.01 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.01. Wells Fargo & Co. had a return on equity of 12.95% and a net margin of 24.33%. The business earned $22.20 billion during the quarter. During the same quarter in the previous year, the company earned $1.03 earnings per share. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities research analysts predict that Wells Fargo & Co. will post $4.02 EPS for the current fiscal year.
Several research firms have weighed in on WFC. JPMorgan Chase & Co. lowered shares of Wells Fargo & Co. from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $53.50 to $48.00 in a report on Wednesday, September 21st. Keefe, Bruyette & Woods restated an “outperform” rating and set a $57.00 price objective on shares of Wells Fargo & Co. in a report on Friday, September 9th. Vetr lowered shares of Wells Fargo & Co. from a “strong-buy” rating to a “buy” rating and set a $51.06 price objective on the stock. in a report on Wednesday, July 6th. Raymond James Financial Inc. restated a “market perform” rating on shares of Wells Fargo & Co. in a report on Thursday, July 7th. Finally, Bank of America Corp. set a $50.00 price objective on shares of Wells Fargo & Co. and gave the stock a “buy” rating in a report on Monday, September 19th. Seven research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $50.41.
In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the company’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $48.92, for a total value of $1,002,860.00. Following the completion of the transaction, the chief operating officer now directly owns 650,815 shares in the company, valued at approximately $31,837,869.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by company insiders.
Wells Fargo & Co. Company Profile
Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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