Mission Wealth Management LP Decreases Stake in Wells Fargo & Co (NYSE:WFC)

Mission Wealth Management LP lowered its position in Wells Fargo & Co (NYSE:WFC) by 2.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 53,596 shares of the financial services provider’s stock after selling 1,351 shares during the quarter. Mission Wealth Management LP’s holdings in Wells Fargo & Co were worth $2,703,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Coastal Capital Group Inc. purchased a new position in Wells Fargo & Co during the 2nd quarter valued at about $78,000. Little House Capital LLC boosted its position in shares of Wells Fargo & Co by 372.8% during the 2nd quarter. Little House Capital LLC now owns 149,639 shares of the financial services provider’s stock valued at $7,081,000 after acquiring an additional 117,987 shares during the last quarter. Cibc Bank USA boosted its position in shares of Wells Fargo & Co by 15.4% during the 2nd quarter. Cibc Bank USA now owns 28,181 shares of the financial services provider’s stock valued at $1,334,000 after acquiring an additional 3,756 shares during the last quarter. Ballentine Partners LLC boosted its position in shares of Wells Fargo & Co by 16.3% during the 2nd quarter. Ballentine Partners LLC now owns 22,787 shares of the financial services provider’s stock valued at $1,078,000 after acquiring an additional 3,193 shares during the last quarter. Finally, Calton & Associates Inc. boosted its position in shares of Wells Fargo & Co by 67.8% during the 2nd quarter. Calton & Associates Inc. now owns 10,772 shares of the financial services provider’s stock valued at $510,000 after acquiring an additional 4,354 shares during the last quarter. 75.28% of the stock is owned by institutional investors.

NYSE:WFC traded down $0.01 during mid-day trading on Thursday, reaching $49.58. The stock had a trading volume of 457,489 shares, compared to its average volume of 22,800,090. The firm has a 50 day moving average price of $48.47 and a two-hundred day moving average price of $47.17. The stock has a market capitalization of $220.50 billion, a P/E ratio of 11.31, a P/E/G ratio of 0.98 and a beta of 1.11. Wells Fargo & Co has a one year low of $43.02 and a one year high of $55.04. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89.

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

Wells Fargo & Co announced that its Board of Directors has authorized a stock 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 reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

A number of analysts have recently issued reports on WFC shares. Wolfe Research downgraded Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, July 10th. Argus upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Monday, September 30th. Deutsche Bank set a $44.00 price target on Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 26th. BMO Capital Markets dropped their price target on Wells Fargo & Co from $59.00 to $57.00 and set a “market perform” rating for the company in a research report on Wednesday. Finally, Piper Jaffray Companies set a $46.00 price target on Wells Fargo & Co and gave the company a “hold” rating in a research report on Monday, September 9th. Four analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the stock. Wells Fargo & Co currently has an average rating of “Hold” and a consensus target price of $49.75.

Wells Fargo & Co 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.

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

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