McIlrath & Eck LLC Reduces Position in Wells Fargo & Co (NYSE:WFC)

McIlrath & Eck LLC trimmed its stake in Wells Fargo & Co (NYSE:WFC) by 20.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,578 shares of the financial services provider’s stock after selling 915 shares during the period. McIlrath & Eck LLC’s holdings in Wells Fargo & Co were worth $180,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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Other institutional investors also recently added to or reduced their stakes in the company. Bath Savings Trust Co grew its holdings in shares of Wells Fargo & Co by 7.4% during the second quarter. Bath Savings Trust Co now owns 4,529 shares of the financial services provider’s stock valued at $214,000 after buying an additional 312 shares during the last quarter. Thomasville National Bank boosted its holdings in Wells Fargo & Co by 1.3% in the second quarter. Thomasville National Bank now owns 53,713 shares of the financial services provider’s stock worth $2,542,000 after purchasing an additional 714 shares during the last quarter. Bright Rock Capital Management LLC boosted its holdings in Wells Fargo & Co by 19.5% in the second quarter. Bright Rock Capital Management LLC now owns 208,215 shares of the financial services provider’s stock worth $9,853,000 after purchasing an additional 34,000 shares during the last quarter. Beese Fulmer Investment Management Inc. boosted its holdings in Wells Fargo & Co by 1.8% in the second quarter. Beese Fulmer Investment Management Inc. now owns 107,828 shares of the financial services provider’s stock worth $5,102,000 after purchasing an additional 1,925 shares during the last quarter. Finally, Rockland Trust Co. boosted its holdings in Wells Fargo & Co by 8.7% in the second quarter. Rockland Trust Co. now owns 409,345 shares of the financial services provider’s stock worth $19,370,000 after purchasing an additional 32,697 shares during the last quarter. 78.20% of the stock is owned by institutional investors.

Several equities research analysts recently issued reports on WFC shares. Morgan Stanley raised their target price on shares of Wells Fargo & Co from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Robert W. Baird cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 target price on the stock. in a report on Monday, September 30th. Credit Suisse Group raised their target price on shares of Wells Fargo & Co from $52.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday, October 4th. Odeon Capital Group cut shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, BMO Capital Markets dropped their target price on shares of Wells Fargo & Co from $59.00 to $57.00 and set a “market perform” rating on the stock in a report on Wednesday, October 16th. Four investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $49.75.

Shares of Wells Fargo & Co stock traded up $0.31 on Friday, hitting $53.80. 14,883,055 shares of the company’s stock were exchanged, compared to its average volume of 18,535,716. The stock has a market capitalization of $226.23 billion, a PE ratio of 12.28, a PEG ratio of 1.12 and a beta of 1.11. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $55.04. The company has a 50-day simple moving average of $50.99 and a 200-day simple moving average of $47.79. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.92 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.23). The firm had revenue of $22.01 billion for the quarter, compared to the consensus estimate of $21.32 billion. Wells Fargo & Co had a net margin of 21.67% and a return on equity of 13.01%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.13 earnings per share. On average, analysts expect that Wells Fargo & Co will post 4.46 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.04 annualized dividend and a dividend yield of 3.79%. Wells Fargo & Co’s payout ratio is 46.58%.

Wells Fargo & Co announced that its Board of Directors has approved a stock buyback plan on Tuesday, July 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wells Fargo & Co Company 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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