Today: The Commerce Bank invests in Wells Fargo & Co. (WFC) Shares

The Commerce Bank invests in Wells Fargo & Co. (WFC) Shares

Commerce Bank boosted its position in shares of Wells Fargo & Co. (NYSE:WFC) by 4.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,246,176 shares of the financial services provider’s stock after buying an additional 49,849 shares during the period. Wells Fargo & Co. accounts for about 0.9% of Commerce Bank’s portfolio, making the stock its 21st largest position. Commerce Bank’s holdings in Wells Fargo & Co. were worth $58,982,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WFC. Sun Life Financial INC bought a new position in Wells Fargo & Co. during the first quarter valued at approximately $93,093,000. Global X Management Co. LLC raised its position in Wells Fargo & Co. by 64.8% in the second quarter. Global X Management Co. LLC now owns 2,301 shares of the financial services provider’s stock valued at $109,000 after buying an additional 905 shares during the period. Brick & Kyle Associates raised its position in Wells Fargo & Co. by 10.6% in the first quarter. Brick & Kyle Associates now owns 3,153 shares of the financial services provider’s stock valued at $152,000 after buying an additional 303 shares during the period. Tradewinds Capital Management LLC raised its position in Wells Fargo & Co. by 4.7% in the second quarter. Tradewinds Capital Management LLC now owns 3,253 shares of the financial services provider’s stock valued at $154,000 after buying an additional 147 shares during the period. Finally, Gemmer Asset Management LLC raised its position in Wells Fargo & Co. by 6.7% in the second quarter. Gemmer Asset Management LLC now owns 3,735 shares of the financial services provider’s stock valued at $177,000 after buying an additional 234 shares during the period. Hedge funds and other institutional investors own 73.98% of the company’s stock.

Shares of Wells Fargo & Co. (NYSE:WFC) traded up 0.46% during mid-day trading on Wednesday, reaching $45.66. 3,609,629 shares of the company’s stock traded hands. The firm has a market cap of $230.38 billion, a price-to-earnings ratio of 11.27 and a beta of 0.91. The company’s 50 day moving average is $47.02 and its 200-day moving average is $48.13. Wells Fargo & Co. has a 52 week low of $43.55 and a 52 week high of $56.34.

Wells Fargo & Co. (NYSE:WFC) last announced its earnings results on Friday, July 15th. The financial services provider reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. The business earned $22.20 billion during the quarter. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.03 EPS. Equities analysts expect that Wells Fargo & Co. will post $4.02 earnings per share for the current fiscal year.

Several research analysts have commented on the company. Vetr lowered Wells Fargo & Co. from a “buy” rating to a “hold” rating and set a $44.75 price objective on the stock. in a research report on Tuesday, October 4th. Raymond James Financial Inc. lowered Wells Fargo & Co. from a “market perform” rating to an “underperform” rating in a research report on Tuesday, October 4th. Sandler O’Neill reaffirmed a “hold” rating on shares of Wells Fargo & Co. in a research report on Friday, September 30th. Zacks Investment Research lowered Wells Fargo & Co. from a “hold” rating to a “sell” rating in a research report on Thursday, September 29th. Finally, Evercore ISI reaffirmed a “buy” rating and set a $51.00 target price on shares of Wells Fargo & Co. in a research report on Wednesday, September 28th. Seven analysts have rated the stock with a sell rating, seven have issued a hold rating and nineteen have assigned a buy rating to the company. Wells Fargo & Co. currently has a consensus rating of “Hold” and a consensus target price of $50.41.

In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of Wells Fargo & Co. stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $48.92, for a total value of $1,002,860.00. Following the completion of the sale, the chief operating officer now owns 650,815 shares in the company, valued at approximately $31,837,869.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.29% of the company’s stock.

About Wells Fargo & Co.

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