LSV Asset Management Trims Stock Position in Wells Fargo & Company (NYSE:WFC)

LSV Asset Management lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 36.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,583,749 shares of the financial services provider’s stock after selling 1,463,200 shares during the period. LSV Asset Management’s holdings in Wells Fargo & Company were worth $60,743,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Hoover Financial Advisors Inc. purchased a new position in Wells Fargo & Company in the second quarter valued at $37,000. Watson Rebecca purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $37,000. Selective Wealth Management Inc. increased its position in shares of Wells Fargo & Company by 227.2% during the 2nd quarter. Selective Wealth Management Inc. now owns 1,623 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 1,127 shares during the last quarter. Global Wealth Management Investment Advisory Inc. increased its position in shares of Wells Fargo & Company by 41.4% during the 2nd quarter. Global Wealth Management Investment Advisory Inc. now owns 1,867 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 547 shares during the last quarter. Finally, Pacifica Partners Inc. increased its position in shares of Wells Fargo & Company by 27.0% during the 3rd quarter. Pacifica Partners Inc. now owns 1,883 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 400 shares during the last quarter. Institutional investors and hedge funds own 67.25% of the company’s stock.

Wells Fargo & Company stock traded down $0.52 during mid-day trading on Monday, hitting $22.76. The company had a trading volume of 722,021 shares, compared to its average volume of 41,279,043. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 1.34. The stock’s 50 day moving average price is $24.12 and its two-hundred day moving average price is $25.78. Wells Fargo & Company has a 12 month low of $22.00 and a 12 month high of $54.75. The company has a market capitalization of $95.91 billion, a PE ratio of 62.92, a price-to-earnings-growth ratio of 4.84 and a beta of 1.07.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, October 20th. The financial services provider reported $0.42 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 3.18% and a net margin of 3.72%. The company had revenue of $18.86 billion during the quarter, compared to the consensus estimate of $17.87 billion. During the same period last year, the firm posted $0.92 earnings per share. The company’s revenue was down 14.3% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 0.48 EPS for the current year.

WFC has been the subject of several research analyst reports. Bank of America decreased their target price on Wells Fargo & Company from $32.00 to $29.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. Odeon Capital Group upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating in a research report on Wednesday, September 2nd. Evercore ISI upgraded Wells Fargo & Company from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $26.00 to $27.00 in a research report on Wednesday, July 15th. Citigroup dropped their target price 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. Finally, Morgan Stanley dropped their target price 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 equities research 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 presently has an average rating of “Hold” and an average target price of $30.98.

Wells Fargo & Company Company Profile

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.

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

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