Tarbox Group Inc. reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.9% during the first quarter, Holdings Channel reports. The fund owned 10,776 shares of the financial services provider’s stock after selling 208 shares during the period. Wells Fargo & comprises 0.3% of Tarbox Group Inc.’s investment portfolio, making the stock its 27th largest position. Tarbox Group Inc.’s holdings in Wells Fargo & were worth $600,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the stock. Dodge & Cox acquired a new stake in Wells Fargo & during the fourth quarter valued at about $3,942,119,000. Norges Bank acquired a new stake in Wells Fargo & during the fourth quarter valued at about $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 valued at $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 valued at $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 valued at $520,192,000 after buying an additional 2,916,320 shares during the last quarter. 75.89% of the stock is owned by institutional investors and hedge funds.
Wells Fargo & Company (WFC) opened at 54.71 on Tuesday. Wells Fargo & Company has a 12-month low of $43.55 and a 12-month high of $59.99. The firm has a 50-day moving average price of $53.07 and a 200-day moving average price of $55.18. The company has a market cap of $273.40 billion, a P/E ratio of 13.68 and a beta of 0.95.
Wells Fargo & (NYSE:WFC) last issued its earnings results on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ 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 business had revenue of $22.20 billion during the quarter, compared to analysts’ expectations of $22.23 billion. During the same period in the prior year, the business earned $1.01 EPS. The business’s revenue for the quarter was up .2% compared to the same quarter last year. On average, equities research analysts forecast that Wells Fargo & Company will post $4.17 earnings per share for the current fiscal year.
Wells Fargo & announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that permits the company to repurchase $11.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
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WFC has been the topic of a number of analyst reports. Vining Sparks raised shares of Wells Fargo & to a “strong-buy” rating and set a $65.00 price objective on the stock in a report on Thursday, April 27th. Credit Suisse Group reaffirmed an “outperform” rating and set a $40.00 price objective (up from $36.00) on shares of Wells Fargo & in a report on Friday, April 14th. Jefferies Group LLC reaffirmed a “hold” rating and set a $62.00 price objective on shares of Wells Fargo & in a report on Monday, May 8th. Evercore ISI reissued an “outperform” rating and issued a $64.00 price target on shares of Wells Fargo & in a report on Tuesday, April 11th. Finally, Vetr raised shares of Wells Fargo & from a “hold” rating to a “buy” rating and set a $58.06 price target on the stock in a report on Monday, March 27th. Five investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $56.06.
In other Wells Fargo & news, insider Avid Modjtabai sold 100,000 shares of the company’s stock in a transaction on 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director Ronald Sargent bought 9,050 shares of the stock in a transaction on Friday, May 5th. The stock was purchased at an average price of $55.15 per share, with a total value of $499,107.50. Following the completion of the acquisition, the director now directly owns 81 shares in the company, valued at approximately $4,467.15. The disclosure for this purchase can be found here. Insiders sold a total of 231,278 shares of company stock valued at $12,361,120 over the last quarter. Company insiders own 0.22% of the company’s stock.
About Wells Fargo &
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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