Perkins Coie Trust Co Sells 243 Shares of Wells Fargo & Co (NYSE:WFC)

Perkins Coie Trust Co lessened its position in Wells Fargo & Co (NYSE:WFC) by 0.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 38,620 shares of the financial services provider’s stock after selling 243 shares during the period. Perkins Coie Trust Co’s holdings in Wells Fargo & Co were worth $1,947,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Evolution Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Co during the second quarter valued at approximately $25,000. Next Capital Management LLC purchased a new position in shares of Wells Fargo & Co during the second quarter valued at approximately $32,000. Global Trust Asset Management LLC raised its holdings in shares of Wells Fargo & Co by 643.0% during the second quarter. Global Trust Asset Management LLC now owns 5,506 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 4,765 shares during the last quarter. Meridian Wealth Management LLC purchased a new position in shares of Wells Fargo & Co during the first quarter valued at approximately $50,000. Finally, Transamerica Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Co during the second quarter valued at approximately $51,000. Hedge funds and other institutional investors own 75.25% of the company’s stock.

WFC has been the subject of several research reports. Citigroup cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $56.00 to $51.00 in a report on Friday, July 12th. Buckingham Research set a $47.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Monday, September 30th. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Friday, July 26th. Argus upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Monday, September 30th. Finally, Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target on the stock. in a research note on Thursday, June 27th. Five research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $50.48.

Wells Fargo & Co stock traded up $0.82 during mid-day trading on Friday, hitting $49.47. The company had a trading volume of 875,253 shares, compared to its average volume of 23,514,482. The stock has a market cap of $210.70 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 0.94 and a beta of 1.11. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $55.04. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The business has a fifty day moving average of $47.90 and a 200 day moving average of $47.14.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.14. The company had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The firm’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 earnings per share. Equities analysts anticipate that Wells Fargo & Co will post 4.77 earnings per share for the current year.

Wells Fargo & Co announced that its board has authorized a stock buyback plan on Thursday, June 27th that permits the company to repurchase $23.10 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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

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