Wilsey Asset Management Inc. Grows Stock Position in Wells Fargo & Company (NYSE:WFC)

Wilsey Asset Management Inc. boosted its position in Wells Fargo & Company (NYSE:WFC) by 8.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 506,437 shares of the financial services provider’s stock after buying an additional 37,901 shares during the quarter. Wells Fargo & Company makes up about 5.2% of Wilsey Asset Management Inc.’s holdings, making the stock its 11th largest position. Wilsey Asset Management Inc.’s holdings in Wells Fargo & Company were worth $11,906,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Davis Selected Advisers increased its position in Wells Fargo & Company by 3.4% in the second quarter. Davis Selected Advisers now owns 28,566,052 shares of the financial services provider’s stock worth $731,291,000 after buying an additional 929,961 shares during the last quarter. Pzena Investment Management LLC increased its position in Wells Fargo & Company by 27.0% in the second quarter. Pzena Investment Management LLC now owns 13,678,807 shares of the financial services provider’s stock worth $350,177,000 after buying an additional 2,908,997 shares during the last quarter. Rothschild & Co Wealth Management UK Ltd increased its position in Wells Fargo & Company by 2.0% in the second quarter. Rothschild & Co Wealth Management UK Ltd now owns 10,338,629 shares of the financial services provider’s stock worth $264,669,000 after buying an additional 199,886 shares during the last quarter. FIL Ltd increased its position in Wells Fargo & Company by 65.9% in the second quarter. FIL Ltd now owns 9,766,788 shares of the financial services provider’s stock worth $250,030,000 after buying an additional 3,878,204 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in Wells Fargo & Company by 1.4% in the second quarter. California Public Employees Retirement System now owns 8,702,707 shares of the financial services provider’s stock worth $222,789,000 after buying an additional 119,763 shares during the last quarter. 67.25% of the stock is owned by institutional investors and hedge funds.

WFC stock traded down $0.09 during mid-day trading on Friday, hitting $22.86. 43,141,248 shares of the stock were exchanged, compared to its average volume of 41,721,547. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.88 and a quick ratio of 0.86. The business has a fifty day moving average price of $24.35 and a 200 day moving average price of $25.96. Wells Fargo & Company has a 12 month low of $22.00 and a 12 month high of $54.75. The stock has a market capitalization of $94.18 billion, a price-to-earnings ratio of 26.28, a PEG ratio of 125.04 and a beta of 1.08.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.03). Wells Fargo & Company had a return on equity of 4.33% and a net margin of 6.26%. The firm had revenue of $18.86 billion for the quarter, compared to the consensus estimate of $17.87 billion. During the same period last year, the firm earned $0.92 EPS. The company’s revenue for the quarter was down 14.3% on a year-over-year basis. As a group, equities analysts forecast that Wells Fargo & Company will post 0.02 EPS for the current fiscal year.

Several equities analysts have recently weighed in on the company. Citigroup reduced their price target on Wells Fargo & Company from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Atlantic Securities upgraded Wells Fargo & Company from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $28.00 to $30.00 in a research report on Wednesday, July 22nd. Seaport Global Securities assumed coverage on Wells Fargo & Company in a research report on Wednesday, July 8th. They issued a “neutral” rating for the company. Robert W. Baird upgraded Wells Fargo & Company from a “neutral” rating to an “outperform” rating and set a $35.00 price target for the company in a research report on Friday, July 10th. Finally, Morgan Stanley reduced their price target on Wells Fargo & Company from $25.00 to $23.00 and set an “equal weight” rating for the company in a research report on Friday, September 11th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $30.98.

About Wells Fargo & Company

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally. It operates in three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

Read More: What is the float in trading stocks?

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 & Company (NYSE:WFC).

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

Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.