Wells Fargo & Co (NYSE:WFC) Position Lowered by KG&L Capital Management LLC

KG&L Capital Management LLC trimmed its position in Wells Fargo & Co (NYSE:WFC) by 19.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,475 shares of the financial services provider’s stock after selling 10,228 shares during the quarter. Wells Fargo & Co accounts for approximately 1.9% of KG&L Capital Management LLC’s portfolio, making the stock its 9th largest holding. KG&L Capital Management LLC’s holdings in Wells Fargo & Co were worth $2,092,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in WFC. Daily Journal Corp raised its holdings in shares of Wells Fargo & Co by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after purchasing an additional 157,588,200 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of Wells Fargo & Co by 10,041.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 20,960,596 shares of the financial services provider’s stock worth $991,856,000 after purchasing an additional 20,753,922 shares during the period. AQR Capital Management LLC raised its holdings in shares of Wells Fargo & Co by 216.1% in the 2nd quarter. AQR Capital Management LLC now owns 7,564,725 shares of the financial services provider’s stock worth $357,963,000 after purchasing an additional 5,171,498 shares during the period. Longview Partners Guernsey LTD raised its holdings in shares of Wells Fargo & Co by 24.2% in the 2nd quarter. Longview Partners Guernsey LTD now owns 26,122,688 shares of the financial services provider’s stock worth $1,236,126,000 after purchasing an additional 5,090,670 shares during the period. Finally, Primecap Management Co. CA raised its holdings in shares of Wells Fargo & Co by 10.0% in the 2nd quarter. Primecap Management Co. CA now owns 50,564,911 shares of the financial services provider’s stock worth $2,392,732,000 after purchasing an additional 4,600,225 shares during the period. Institutional investors own 75.25% of the company’s stock.

NYSE WFC traded up $0.52 during mid-day trading on Friday, reaching $49.17. 1,552,596 shares of the company’s stock traded hands, compared to its average volume of 23,514,482. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $55.04. The company has a fifty day simple moving average of $47.90 and a 200-day simple moving average of $47.14. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The company has a market cap of $210.70 billion, a price-to-earnings ratio of 11.32, a P/E/G ratio of 0.94 and a beta of 1.11.

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

Wells Fargo & Co announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 27th that allows the company to buyback $23.10 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

A number of equities analysts have recently commented on WFC shares. Argus upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Monday, September 30th. Deutsche Bank set a $44.00 price objective on Wells Fargo & Co and gave the stock a “hold” rating in a report on Friday, July 26th. UBS Group lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their target price for the company from $51.00 to $49.00 in a research note on Tuesday, September 10th. Piper Jaffray Companies set a $46.00 target price on Wells Fargo & Co and gave the company a “hold” rating in a research note on Monday, September 9th. Finally, Macquarie lowered Wells Fargo & Co from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $54.00 to $47.00 in a research note on Wednesday, July 17th. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $50.48.

Wells Fargo & Co Company Profile

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.

Recommended Story: What are the advantages of the Stochastic Momentum Index?

Institutional Ownership by Quarter 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.