First Bank & Trust Buys 1,159 Shares of Wells Fargo & Co (NYSE:WFC)

First Bank & Trust boosted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 5.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,416 shares of the financial services provider’s stock after purchasing an additional 1,159 shares during the quarter. First Bank & Trust’s holdings in Wells Fargo & Co were worth $1,181,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in WFC. Evolution Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Co in the second quarter valued at about $25,000. Next Capital Management LLC bought a new stake in shares of Wells Fargo & Co in the second quarter valued at about $32,000. NuWave Investment Management LLC boosted its position in shares of Wells Fargo & Co by 122.3% in the third quarter. NuWave Investment Management LLC now owns 798 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 439 shares during the period. Global Trust Asset Management LLC boosted its position in shares of Wells Fargo & Co by 643.0% in the second quarter. Global Trust Asset Management LLC now owns 5,506 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 4,765 shares during the period. Finally, Meridian Wealth Management LLC bought a new stake in shares of Wells Fargo & Co in the first quarter valued at about $50,000. 75.28% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have recently issued reports on the stock. Credit Suisse Group boosted their target price on shares of Wells Fargo & Co from $52.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. Bank of America set a $50.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a research report on Monday, September 30th. Buckingham Research set a $47.00 target price on shares of Wells Fargo & Co and gave the company a “hold” rating in a research report on Monday, September 30th. Robert W. Baird cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and set a $50.00 target price for the company. in a research report on Monday, September 30th. Finally, Morgan Stanley boosted their target price on shares of Wells Fargo & Co from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Four investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company’s stock. Wells Fargo & Co has a consensus rating of “Hold” and a consensus price target of $49.75.

WFC stock traded up $0.11 during midday trading on Thursday, reaching $49.70. The company had a trading volume of 9,814,961 shares, compared to its average volume of 22,800,090. The company has a market capitalization of $220.50 billion, a price-to-earnings ratio of 11.35, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. The stock has a 50 day moving average price of $48.47 and a 200-day moving average price of $47.17. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $55.04. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.92 EPS for the quarter, missing the Zacks’ consensus estimate of $1.15 by ($0.23). The company had revenue of $22.01 billion during the quarter, compared to analyst estimates of $21.32 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm earned $1.13 EPS. As a group, research analysts anticipate that Wells Fargo & Co will post 4.69 earnings per share for the current year.

Wells Fargo & Co declared that its board has approved a share buyback plan on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

About Wells Fargo & Co

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.

See Also: Net Asset Value

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

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