Advisory Services Network LLC Raises Position in Wells Fargo & Co. (WFC)
Advisory Services Network LLC increased its position in Wells Fargo & Co. (NYSE:WFC) by 20.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,005 shares of the financial services provider’s stock after buying an additional 6,758 shares during the period. Advisory Services Network LLC’s holdings in Wells Fargo & Co. were worth $1,771,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of WFC. Global X Management Co. LLC raised its stake in Wells Fargo & Co. by 64.8% in the second quarter. Global X Management Co. LLC now owns 2,301 shares of the financial services provider’s stock worth $109,000 after buying an additional 905 shares in the last quarter. Tradewinds Capital Management LLC raised its position in Wells Fargo & Co. by 4.7% in the second quarter. Tradewinds Capital Management LLC now owns 3,253 shares of the financial services provider’s stock valued at $154,000 after buying an additional 147 shares during the period. Cedar Wealth Management LLC raised its position in Wells Fargo & Co. by 47.8% in the second quarter. Cedar Wealth Management LLC now owns 3,276 shares of the financial services provider’s stock valued at $155,000 after buying an additional 1,059 shares during the period. Gemmer Asset Management LLC raised its position in Wells Fargo & Co. by 6.7% in the second quarter. Gemmer Asset Management LLC now owns 3,735 shares of the financial services provider’s stock valued at $177,000 after buying an additional 234 shares during the period. Finally, Bellwether Investment Group LLC acquired a new position in Wells Fargo & Co. during the second quarter valued at approximately $186,000. 72.76% of the stock is currently owned by institutional investors and hedge funds.
Wells Fargo & Co. (NYSE:WFC) traded up 0.54% during trading on Tuesday, hitting $51.86. 16,267,266 shares of the company traded hands. The firm has a 50 day moving average of $47.88 and a 200 day moving average of $47.86. Wells Fargo & Co. has a one year low of $43.55 and a one year high of $56.24. The firm has a market cap of $260.46 billion, a P/E ratio of 12.87 and a beta of 0.93.
Wells Fargo & Co. (NYSE:WFC) last released its earnings results on Friday, October 14th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $1.01 by $0.02. Wells Fargo & Co. had a net margin of 23.91% and a return on equity of 12.72%. The business earned $22.30 billion during the quarter. During the same period in the prior year, the company earned $1.05 earnings per share. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, analysts expect that Wells Fargo & Co. will post $4.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Friday, November 4th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.93%. The ex-dividend date is Wednesday, November 2nd. Wells Fargo & Co.’s dividend payout ratio is presently 37.44%.
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Several equities analysts recently commented on the company. JPMorgan Chase & Co. lowered Wells Fargo & Co. from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $53.50 to $48.00 in a report on Wednesday, September 21st. Macquarie reissued an “underperform” rating on shares of Wells Fargo & Co. in a report on Tuesday, October 18th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $57.00 target price on shares of Wells Fargo & Co. in a report on Friday, September 9th. Argus reissued a “buy” rating on shares of Wells Fargo & Co. in a report on Thursday, October 13th. Finally, Citigroup Inc. downgraded shares of Wells Fargo & Co. to an “underperform” rating in a research note on Friday, November 18th. Nine analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $49.57.
About Wells Fargo & Co.
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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