Tompkins Financial Corp boosted its holdings in Wells Fargo & Co (NYSE:WFC) by 185.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,960 shares of the financial services provider’s stock after purchasing an additional 7,763 shares during the quarter. Tompkins Financial Corp’s holdings in Wells Fargo & Co were worth $643,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Horan Capital Advisors LLC. acquired a new stake in Wells Fargo & Co in the third quarter worth $25,000. NuWave Investment Management LLC increased its stake in Wells Fargo & Co by 122.3% in the third quarter. NuWave Investment Management LLC now owns 798 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 439 shares in the last quarter. MV Capital Management Inc. raised its holdings in shares of Wells Fargo & Co by 49.3% during the third quarter. MV Capital Management Inc. now owns 803 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 265 shares during the period. Venturi Wealth Management LLC acquired a new position in shares of Wells Fargo & Co during the third quarter valued at about $42,000. Finally, Bourgeon Capital Management LLC acquired a new position in shares of Wells Fargo & Co during the third quarter valued at about $47,000. 75.67% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on WFC shares. Morgan Stanley cut their price objective on shares of Wells Fargo & Co from $56.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 15th. Citigroup boosted their target price on Wells Fargo & Co from $48.00 to $58.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Raymond James downgraded Wells Fargo & Co from a “market perform” rating to an “underperform” rating in a research note on Monday, December 2nd. UBS Group lowered their price objective on shares of Wells Fargo & Co from $52.00 to $49.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Finally, Odeon Capital Group downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. Eight analysts have rated the stock with a sell rating, fifteen have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $49.88.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, January 14th. The financial services provider reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.17). The business had revenue of $19.86 billion during the quarter, compared to analysts’ expectations of $20.11 billion. Wells Fargo & Co had a return on equity of 12.11% and a net margin of 18.81%. Wells Fargo & Co’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.21 EPS. Research analysts forecast that Wells Fargo & Co will post 4.12 earnings per share for the current year.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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