Alpha Cubed Investments LLC lessened its holdings in Wells Fargo & Co (NYSE:WFC) by 23.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,354 shares of the financial services provider’s stock after selling 6,895 shares during the period. Alpha Cubed Investments LLC’s holdings in Wells Fargo & Co were worth $572,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the company. Total Clarity Wealth Management Inc. acquired a new stake in shares of Wells Fargo & Co during the 4th quarter worth about $35,000. Procyon Private Wealth Partners LLC acquired a new position in Wells Fargo & Co in the fourth quarter valued at about $37,000. FSA Wealth Management LLC purchased a new position in Wells Fargo & Co during the fourth quarter worth about $40,000. Engrave Wealth Partners LLC acquired a new stake in shares of Wells Fargo & Co during the fourth quarter valued at about $43,000. Finally, Your Advocates Ltd. LLP acquired a new stake in shares of Wells Fargo & Co during the first quarter valued at about $26,000. 72.93% of the stock is currently owned by institutional investors and hedge funds.
Wells Fargo & Co stock opened at $25.42 on Tuesday. Wells Fargo & Co has a 1-year low of $22.00 and a 1-year high of $54.75. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.85. The stock has a market cap of $104.43 billion, a PE ratio of 8.98, a P/E/G ratio of 4.52 and a beta of 1.15. The stock’s fifty day moving average is $27.11 and its two-hundred day moving average is $35.36.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.85). Wells Fargo & Co had a return on equity of 9.28% and a net margin of 14.52%. The business had revenue of $17.72 billion for the quarter, compared to analyst estimates of $19.40 billion. During the same period in the prior year, the company posted $1.20 earnings per share. The company’s revenue was down 18.0% compared to the same quarter last year. On average, research analysts expect that Wells Fargo & Co will post 0.55 earnings per share for the current fiscal year.
A number of brokerages have issued reports on WFC. Morgan Stanley cut their target price on Wells Fargo & Co from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 11th. Wolfe Research upgraded Wells Fargo & Co from an “underperform” rating to a “peer perform” rating and set a $28.00 price objective on the stock in a report on Thursday, July 9th. Robert W. Baird upgraded Wells Fargo & Co from a “neutral” rating to an “outperform” rating and set a $35.00 target price for the company in a report on Friday. Zacks Investment Research upgraded shares of Wells Fargo & Co from a “strong sell” rating to a “hold” rating and set a $23.00 price target on the stock in a research note on Tuesday, March 17th. Finally, Seaport Global Securities assumed coverage on shares of Wells Fargo & Co in a research report on Wednesday, July 8th. They set a “neutral” rating on the stock. Five equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $35.52.
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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