New York Life Investment Management LLC Purchases 2,762 Shares of Wells Fargo & Company $WFC

New York Life Investment Management LLC grew its position in Wells Fargo & Company (NYSE:WFC) by 0.6% in the second quarter, HoldingsChannel.com reports. The fund owned 442,788 shares of the financial services provider’s stock after buying an additional 2,762 shares during the period. New York Life Investment Management LLC’s holdings in Wells Fargo & Company were worth $35,476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Wealth Management Partners LLC lifted its stake in shares of Wells Fargo & Company by 3.5% during the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider’s stock worth $313,000 after buying an additional 128 shares during the last quarter. Verum Partners LLC lifted its stake in shares of Wells Fargo & Company by 1.8% during the 2nd quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider’s stock worth $582,000 after buying an additional 128 shares during the last quarter. Motive Wealth Advisors lifted its stake in shares of Wells Fargo & Company by 3.7% during the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider’s stock worth $293,000 after buying an additional 129 shares during the last quarter. Exencial Wealth Advisors LLC lifted its stake in shares of Wells Fargo & Company by 0.7% during the 2nd quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider’s stock worth $1,443,000 after buying an additional 131 shares during the last quarter. Finally, Yukon Wealth Management Inc. lifted its stake in shares of Wells Fargo & Company by 4.3% during the 2nd quarter. Yukon Wealth Management Inc. now owns 3,179 shares of the financial services provider’s stock worth $255,000 after buying an additional 132 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on WFC shares. Bank of America lifted their price objective on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Raymond James Financial cut shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. TD Cowen lifted their price objective on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Wednesday, October 15th. Dbs Bank upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Finally, Evercore ISI lifted their price objective on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Eleven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $86.97 on Tuesday. The firm has a 50 day moving average of $82.08 and a 200-day moving average of $77.94. The stock has a market capitalization of $278.59 billion, a PE ratio of 14.30, a PEG ratio of 1.19 and a beta of 1.25. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $87.47.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, beating the consensus estimate of $1.55 by $0.11. The company had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 EPS. On average, equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.