Peoples Financial Services CORP. reduced its position in Wells Fargo & Co (NYSE:WFC) by 2.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,980 shares of the financial services provider’s stock after selling 600 shares during the quarter. Peoples Financial Services CORP.’s holdings in Wells Fargo & Co were worth $1,381,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the stock. Sageworth Trust Co increased its position in shares of Wells Fargo & Co by 257.9% during the third quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock worth $113,000 after acquiring an additional 1,550 shares during the period. Lee Financial Co increased its position in shares of Wells Fargo & Co by 433.4% during the third quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock worth $132,000 after acquiring an additional 2,037 shares during the period. Almanack Investment Partners LLC. purchased a new position in shares of Wells Fargo & Co during the third quarter worth approximately $141,000. Parkside Investments LLC purchased a new position in shares of Wells Fargo & Co during the third quarter worth approximately $174,000. Finally, Cerebellum GP LLC purchased a new position in shares of Wells Fargo & Co during the third quarter worth approximately $179,000. 72.97% of the stock is currently owned by institutional investors.
A number of equities analysts have recently commented on WFC shares. UBS Group set a $63.00 target price on shares of Wells Fargo & Co and gave the stock a “buy” rating in a research report on Friday, September 28th. Edward Jones upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research note on Monday, September 17th. Nomura dropped their price objective on shares of Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating on the stock in a research note on Monday, October 15th. Citigroup upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday, November 2nd. Finally, Robert W. Baird reiterated a “buy” rating and set a $59.00 price objective on shares of Wells Fargo & Co in a research note on Wednesday, January 2nd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $61.93.
Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by ($0.04). The firm had revenue of $21.94 billion during the quarter, compared to analyst estimates of $21.90 billion. Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. On average, sell-side analysts expect that Wells Fargo & Co will post 4.49 EPS for the current year.
Wells Fargo & Co announced that its Board of Directors has authorized a stock buyback plan on Tuesday, October 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
TRADEMARK VIOLATION WARNING: This article was posted by Community Financial News and is the sole property of of Community Financial News. If you are accessing this article on another domain, it was copied illegally and reposted in violation of U.S. & international copyright and trademark legislation. The legal version of this article can be viewed at https://www.com-unik.info/2019/01/14/wells-fargo-co-wfc-position-trimmed-by-peoples-financial-services-corp.html.
Wells Fargo & Co Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
Recommended Story: What is Depreciation?
Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).
Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.