Folger Nolan Fleming Douglas Capital Management Inc. Reduces Position in Wells Fargo & Company (NYSE:WFC)

Folger Nolan Fleming Douglas Capital Management Inc. trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 2.2% during the fourth quarter, Holdings Channel reports. The fund owned 90,570 shares of the financial services provider’s stock after selling 1,993 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Wells Fargo & Company were worth $4,458,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Northern Trust Corp grew its stake in Wells Fargo & Company by 0.3% in the third quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock worth $1,560,755,000 after purchasing an additional 129,300 shares in the last quarter. Pzena Investment Management LLC grew its stake in Wells Fargo & Company by 1.9% in the third quarter. Pzena Investment Management LLC now owns 18,269,318 shares of the financial services provider’s stock worth $746,484,000 after purchasing an additional 335,560 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its stake in Wells Fargo & Company by 2.9% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 7,749,883 shares of the financial services provider’s stock worth $316,660,000 after purchasing an additional 221,459 shares in the last quarter. Van ECK Associates Corp grew its stake in Wells Fargo & Company by 19.4% in the third quarter. Van ECK Associates Corp now owns 7,103,120 shares of the financial services provider’s stock worth $290,234,000 after purchasing an additional 1,156,106 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Wells Fargo & Company by 42.7% in the fourth quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock worth $285,668,000 after purchasing an additional 1,729,132 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on WFC shares. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $51.00 price target on shares of Wells Fargo & Company in a research note on Tuesday, January 9th. Evercore ISI lifted their target price on Wells Fargo & Company from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Thursday, March 28th. Robert W. Baird restated a “neutral” rating and issued a $55.00 target price on shares of Wells Fargo & Company in a research note on Monday, January 8th. HSBC lifted their target price on Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Finally, Raymond James lifted their target price on Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 16th. Thirteen equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $58.85.

Wells Fargo & Company Price Performance

NYSE:WFC traded down $0.02 during midday trading on Friday, hitting $59.91. 18,785,900 shares of the stock were exchanged, compared to its average volume of 18,078,044. Wells Fargo & Company has a one year low of $36.40 and a one year high of $61.76. The company has a market capitalization of $212.11 billion, a price-to-earnings ratio of 12.51, a P/E/G ratio of 1.16 and a beta of 1.19. The business has a 50-day moving average price of $56.93 and a two-hundred day moving average price of $49.56. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. During the same quarter in the prior year, the company earned $1.23 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. Sell-side analysts predict that Wells Fargo & Company will post 5.06 EPS for the current year.

Wells Fargo & Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.