Texas Permanent School Fund Lowers Position in Wells Fargo & Company (WFC)

Texas Permanent School Fund reduced its position in Wells Fargo & Company (NYSE:WFC) by 4.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,263,685 shares of the financial services provider’s stock after selling 52,020 shares during the period. Wells Fargo & accounts for approximately 0.9% of Texas Permanent School Fund’s portfolio, making the stock its 11th largest holding. Texas Permanent School Fund’s holdings in Wells Fargo & were worth $70,021,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Boston Partners grew its holdings in Wells Fargo & by 50.0% during the 1st quarter. Boston Partners now owns 7,948,841 shares of the financial services provider’s stock valued at $442,432,000 after buying an additional 2,648,763 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Wells Fargo & by 83.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 7,972,116 shares of the financial services provider’s stock valued at $443,728,000 after buying an additional 3,637,100 shares in the last quarter. Kelman Lazarov Inc. grew its holdings in Wells Fargo & by 6.0% during the 2nd quarter. Kelman Lazarov Inc. now owns 64,172 shares of the financial services provider’s stock valued at $3,556,000 after buying an additional 3,612 shares in the last quarter. First Citizens Bank & Trust Co. grew its holdings in Wells Fargo & by 4.7% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 103,269 shares of the financial services provider’s stock valued at $5,722,000 after buying an additional 4,647 shares in the last quarter. Finally, Dixon Hubard Feinour & Brown Inc. VA grew its holdings in Wells Fargo & by 25.8% during the 2nd quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 7,307 shares of the financial services provider’s stock valued at $405,000 after buying an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 75.12% of the company’s stock.

Wells Fargo & Company (WFC) opened at 55.21 on Friday. Wells Fargo & Company has a one year low of $44.32 and a one year high of $59.99. The company’s 50 day moving average price is $52.98 and its 200-day moving average price is $53.58. The company has a market cap of $274.06 billion, a P/E ratio of 13.60 and a beta of 0.97.

Wells Fargo & (NYSE:WFC) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $22.20 billion during the quarter, compared to analysts’ expectations of $22.23 billion. During the same quarter in the previous year, the business earned $1.01 EPS. Wells Fargo &’s revenue was up .2% compared to the same quarter last year. On average, analysts forecast that Wells Fargo & Company will post $4.14 EPS for the current fiscal year.

Wells Fargo & declared that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to buyback $11.50 billion in shares. This buyback authorization allows the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

A number of research firms have weighed in on WFC. Zacks Investment Research raised Wells Fargo & from a “sell” rating to a “hold” rating in a report on Thursday. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating on shares of Wells Fargo & in a report on Wednesday. Credit Suisse Group reaffirmed a “hold” rating and set a $57.00 target price on shares of Wells Fargo & in a report on Tuesday. Citigroup Inc. reaffirmed a “buy” rating and set a $65.00 target price (up previously from $60.00) on shares of Wells Fargo & in a report on Monday. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $58.00 target price on shares of Wells Fargo & in a report on Friday, October 6th. Seven investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $57.19.

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Wells Fargo & Profile

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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Institutional Ownership by Quarter for Wells Fargo & (NYSE:WFC)

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