Associated Banc Corp trimmed its position in shares of Wells Fargo (NYSE:WFC) by 21.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 209,952 shares of the financial services provider’s stock after selling 57,085 shares during the period. Associated Banc Corp’s holdings in Wells Fargo were worth $12,738,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Capital World Investors lifted its stake in shares of Wells Fargo by 10.8% in the 2nd quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after acquiring an additional 10,927,679 shares during the period. Capital Research Global Investors lifted its stake in shares of Wells Fargo by 19.7% in the 2nd quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after acquiring an additional 7,445,414 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Wells Fargo by 26.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock worth $1,653,464,000 after acquiring an additional 6,291,906 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Wells Fargo by 396.3% in the 2nd quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock worth $326,655,000 after acquiring an additional 4,707,207 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Wells Fargo by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock worth $17,440,601,000 after acquiring an additional 3,621,402 shares during the period. 77.33% of the stock is owned by hedge funds and other institutional investors.
WFC has been the subject of a number of research analyst reports. Sandler O’Neill raised shares of Wells Fargo from a “hold” rating to a “buy” rating and upped their price target for the stock from $62.04 to $73.00 in a research note on Tuesday, January 9th. Zacks Investment Research raised shares of Wells Fargo from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Saturday, February 10th. Royal Bank of Canada lowered shares of Wells Fargo from an “outperform” rating to an “underperform” rating in a research note on Monday, February 5th. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 target price on shares of Wells Fargo in a report on Monday, February 5th. Finally, Buckingham Research upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $62.31.
Wells Fargo (NYSE:WFC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). Wells Fargo had a net margin of 22.57% and a return on equity of 12.24%. The firm had revenue of $22.05 billion for the quarter, compared to analyst estimates of $22.64 billion. During the same quarter in the prior year, the firm earned $0.96 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. equities research analysts anticipate that Wells Fargo will post 4.7 EPS for the current fiscal year.
Wells Fargo declared that its board has authorized a stock buyback plan on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
In related news, Director Ronald Sargent acquired 9,000 shares of the company’s stock in a transaction on Monday, February 12th. The shares were purchased at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the purchase, the director now owns 81 shares in the company, valued at $4,534.38. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is owned by insiders.
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About Wells Fargo
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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