New Jersey Better Educational Savings Trust cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 31.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,000 shares of the financial services provider’s stock after selling 14,000 shares during the period. Wells Fargo & accounts for about 1.5% of New Jersey Better Educational Savings Trust’s holdings, making the stock its 10th largest position. New Jersey Better Educational Savings Trust’s holdings in Wells Fargo & were worth $1,670,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Dodge & Cox bought a new stake in Wells Fargo & during the fourth quarter worth $3,942,119,000. Norges Bank bought a new stake in Wells Fargo & during the fourth quarter worth $2,800,566,000. Davis Selected Advisers increased its stake in Wells Fargo & by 0.9% in the fourth quarter. Davis Selected Advisers now owns 26,425,695 shares of the financial services provider’s stock worth $1,456,320,000 after buying an additional 232,344 shares during the last quarter. Teachers Advisors LLC increased its stake in Wells Fargo & by 1.2% in the fourth quarter. Teachers Advisors LLC now owns 11,122,633 shares of the financial services provider’s stock worth $612,968,000 after buying an additional 134,282 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Wells Fargo & by 44.7% in the fourth quarter. AQR Capital Management LLC now owns 9,439,158 shares of the financial services provider’s stock worth $520,192,000 after buying an additional 2,916,320 shares during the last quarter. Institutional investors own 75.89% of the company’s stock.
Wells Fargo & Company (NYSE:WFC) opened at 54.17 on Friday. The stock has a market capitalization of $269.05 billion, a P/E ratio of 13.34 and a beta of 0.96. Wells Fargo & Company has a one year low of $43.55 and a one year high of $59.99. The company has a 50 day moving average of $54.07 and a 200-day moving average of $55.16. Wells Fargo & also saw unusually large options trading on Thursday. Stock traders bought 24,095 call options on the stock. This represents an increase of 149% compared to the average daily volume of 9,685 call options.
Wells Fargo & (NYSE:WFC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The company had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $22.23 billion. During the same period last year, the company earned $1.01 EPS. Wells Fargo &’s revenue for the quarter was up .2% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Company will post $4.18 earnings per share for the current fiscal year.
Wells Fargo & declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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A number of equities research analysts have recently weighed in on WFC shares. Berenberg Bank downgraded shares of Wells Fargo & from a “hold” rating to a “sell” rating and raised their price target for the company from $35.00 to $45.00 in a research note on Friday. Jefferies Group LLC reiterated a “hold” rating and set a $62.00 target price on shares of Wells Fargo & in a research report on Wednesday, April 5th. Evercore ISI reiterated an “outperform” rating and set a $64.00 target price on shares of Wells Fargo & in a research report on Tuesday, April 18th. Vining Sparks upgraded shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 target price on the stock in a research report on Thursday, April 27th. Finally, Keefe, Bruyette & Woods reiterated an “overweight” rating on shares of Wells Fargo & in a research report on Thursday, July 13th. Seven analysts have rated the stock with a sell rating, thirteen have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $55.71.
In other Wells Fargo & news, insider Avid Modjtabai sold 100,000 shares of the firm’s stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $54.21, for a total value of $5,421,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Hope A. Hardison sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $52.07, for a total value of $1,041,400.00. Following the completion of the transaction, the insider now directly owns 109 shares in the company, valued at $5,675.63. The disclosure for this sale can be found here. Insiders sold 231,278 shares of company stock worth $12,361,120 over the last three months. Insiders own 0.22% of the company’s stock.
Wells Fargo & Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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