Montecito Bank & Trust Grows Stake in Wells Fargo & Co (NYSE:WFC)

Montecito Bank & Trust grew its position in Wells Fargo & Co (NYSE:WFC) by 2.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,245 shares of the financial services provider’s stock after purchasing an additional 444 shares during the quarter. Montecito Bank & Trust’s holdings in Wells Fargo & Co were worth $1,197,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. Primecap Management Co. CA grew its holdings in Wells Fargo & Co by 10.0% in the second 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 last quarter. California Public Employees Retirement System grew its holdings in Wells Fargo & Co by 25.4% in the third quarter. California Public Employees Retirement System now owns 9,574,833 shares of the financial services provider’s stock worth $482,955,000 after purchasing an additional 1,936,599 shares during the last quarter. Boston Partners grew its holdings in Wells Fargo & Co by 7.2% in the third quarter. Boston Partners now owns 21,203,872 shares of the financial services provider’s stock worth $1,069,832,000 after purchasing an additional 1,417,096 shares during the last quarter. Alpine Woods Capital Investors LLC grew its holdings in Wells Fargo & Co by 100.0% in the third quarter. Alpine Woods Capital Investors LLC now owns 1,800,890 shares of the financial services provider’s stock worth $88,027,000 after purchasing an additional 900,445 shares during the last quarter. Finally, Marathon Asset Management LLP lifted its stake in shares of Wells Fargo & Co by 18.5% during the third quarter. Marathon Asset Management LLP now owns 5,376,096 shares of the financial services provider’s stock worth $271,170,000 after buying an additional 837,718 shares during the period. 75.67% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently commented on WFC. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, October 15th. Robert W. Baird downgraded shares of Wells Fargo & Co from a “neutral” rating to an “underperform” rating and set a $50.00 price objective for the company. in a research note on Thursday, January 2nd. Royal Bank of Canada downgraded shares of Wells Fargo & Co from a “sector perform” rating to an “underperform” rating and lowered their price objective for the stock from $48.00 to $42.00 in a research note on Thursday, January 16th. Barclays downgraded shares of Wells Fargo & Co from an “overweight” rating to an “equal weight” rating and set a $59.00 price objective for the company. in a research note on Monday, January 6th. Finally, Piper Sandler downgraded shares of Wells Fargo & Co from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $60.00 to $52.00 in a research note on Wednesday, January 15th. Eight equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $49.88.

NYSE WFC opened at $49.02 on Wednesday. The company has a market capitalization of $208.00 billion, a PE ratio of 12.19, a P/E/G ratio of 1.12 and a beta of 1.11. The company has a fifty day moving average of $52.81 and a 200 day moving average of $50.04. Wells Fargo & Co has a 1 year low of $43.34 and a 1 year high of $54.75. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.87 and a quick ratio of 0.85.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Tuesday, January 14th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.17). The business had revenue of $19.86 billion for the quarter, compared to analyst estimates of $20.11 billion. Wells Fargo & Co had a net margin of 18.81% and a return on equity of 12.11%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.21 earnings per share. Research analysts expect that Wells Fargo & Co will post 4.12 earnings per share for the current year.

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.

Read More: Debt-To-Equity Ratio

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

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