Wells Fargo & Co (WFC) is Bright Rock Capital Management LLC’s 2nd Largest Position

Bright Rock Capital Management LLC boosted its position in Wells Fargo & Co (NYSE:WFC) by 11.5% in the 3rd quarter, Holdings Channel reports. The firm owned 174,000 shares of the financial services provider’s stock after purchasing an additional 18,000 shares during the period. Wells Fargo & Co makes up about 2.8% of Bright Rock Capital Management LLC’s holdings, making the stock its 2nd largest holding. Bright Rock Capital Management LLC’s holdings in Wells Fargo & Co were worth $9,596,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Blue Granite Capital LLC acquired a new position in Wells Fargo & Co in the 3rd quarter valued at about $1,594,000. State of Wisconsin Investment Board raised its stake in Wells Fargo & Co by 2.7% in the 3rd quarter. State of Wisconsin Investment Board now owns 6,798,610 shares of the financial services provider’s stock valued at $374,943,000 after purchasing an additional 179,789 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its stake in Wells Fargo & Co by 0.7% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 784,420 shares of the financial services provider’s stock valued at $43,261,000 after purchasing an additional 5,600 shares during the last quarter. Shayne & CO. LLC raised its stake in Wells Fargo & Co by 347.0% in the 3rd quarter. Shayne & CO. LLC now owns 16,231 shares of the financial services provider’s stock valued at $895,000 after purchasing an additional 12,600 shares during the last quarter. Finally, Stonebridge Capital Management Inc. increased its stake in shares of Wells Fargo & Co by 199.9% during the 3rd quarter. Stonebridge Capital Management Inc. now owns 11,251 shares of the financial services provider’s stock valued at $620,000 after acquiring an additional 7,500 shares during the last quarter. 75.70% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have recently commented on the stock. Vetr raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $54.49 price objective for the company in a research note on Tuesday, October 24th. Sandler O’Neill raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and upped their price objective for the company from $62.04 to $73.00 in a research note on Tuesday. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $50.00 price objective (down previously from $52.00) on shares of Wells Fargo & Co in a research note on Wednesday, September 13th. Vertical Group raised shares of Wells Fargo & Co from a “sell” rating to a “buy” rating in a research note on Thursday, December 7th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $59.00 price objective on shares of Wells Fargo & Co in a research note on Monday, October 16th. Six investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $59.79.

Wells Fargo & Co (NYSE WFC) opened at $62.26 on Wednesday. The firm has a market capitalization of $306,810.00, a P/E ratio of 16.09, a price-to-earnings-growth ratio of 1.72 and a beta of 0.96. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.91 and a quick ratio of 0.89. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $63.05.

Wells Fargo & Co (NYSE:WFC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.84 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.20). The business had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $22.30 billion. Wells Fargo & Co had a net margin of 22.00% and a return on equity of 12.59%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.03 earnings per share. equities analysts forecast that Wells Fargo & Co will post 3.98 earnings per share for the current year.

In other news, VP Richard Levy sold 97,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.47, for a total transaction of $5,477,590.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael J. Loughlin sold 17,482 shares of the stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $57.80, for a total value of $1,010,459.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,482 shares of company stock valued at $10,471,050. Company insiders own 0.22% of the company’s stock.

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Wells Fargo & Co Company 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 & Co (NYSE:WFC)

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