Trading Report: The Wells Fargo & Co. (WFC) Position Decreased by Torch Wealth Management LLC

The Wells Fargo & Co. (WFC) Position Decreased by Torch Wealth Management LLC

Torch Wealth Management LLC cut its stake in Wells Fargo & Co. (NYSE:WFC) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,895 shares of the financial services provider’s stock after selling 495 shares during the period. Torch Wealth Management LLC’s holdings in Wells Fargo & Co. were worth $1,604,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Ruane Cunniff & Goldfarb Inc. increased its position in shares of Wells Fargo & Co. by 5,580.0% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,242,602 shares of the financial services provider’s stock worth $248,132,000 after buying an additional 5,150,302 shares in the last quarter. BlackRock Fund Advisors increased its position in shares of Wells Fargo & Co. by 8.8% in the first quarter. BlackRock Fund Advisors now owns 57,985,130 shares of the financial services provider’s stock worth $2,804,161,000 after buying an additional 4,695,036 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Wells Fargo & Co. by 2.7% in the first quarter. Wellington Management Group LLP now owns 131,270,916 shares of the financial services provider’s stock worth $6,348,262,000 after buying an additional 3,450,553 shares in the last quarter. Primecap Management Co. CA increased its position in shares of Wells Fargo & Co. by 20.5% in the first quarter. Primecap Management Co. CA now owns 18,501,167 shares of the financial services provider’s stock worth $894,716,000 after buying an additional 3,149,895 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Wells Fargo & Co. by 54.6% in the first quarter. Canada Pension Plan Investment Board now owns 8,082,964 shares of the financial services provider’s stock worth $390,892,000 after buying an additional 2,855,274 shares in the last quarter. Hedge funds and other institutional investors own 73.98% of the company’s stock.

Wells Fargo & Co. (NYSE:WFC) traded down 0.29% during midday trading on Wednesday, hitting $45.32. The stock had a trading volume of 21,741,844 shares. Wells Fargo & Co. has a 52-week low of $43.55 and a 52-week high of $56.34. The firm has a market capitalization of $228.66 billion, a P/E ratio of 11.19 and a beta of 0.91. The firm has a 50-day moving average of $47.02 and a 200 day moving average of $48.13.

Wells Fargo & Co. (NYSE:WFC) last issued its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.01. The company had revenue of $22.20 billion for 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% compared to the same quarter last year. During the same period in the previous year, the business earned $1.03 earnings per share. On average, equities analysts forecast that Wells Fargo & Co. will post $4.02 EPS for the current year.

A number of brokerages recently issued reports on WFC. Nomura restated a “buy” rating on shares of Wells Fargo & Co. in a report on Saturday, July 9th. Barclays PLC reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Saturday, July 9th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Sunday, June 26th. Zacks Investment Research cut Wells Fargo & Co. from a “hold” rating to a “sell” rating in a research report on Wednesday, June 15th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Wells Fargo & Co. in a research report on Monday, July 18th. Seven equities research 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 an average target price of $50.41.

In related news, COO Timothy J. Sloan sold 20,500 shares of Wells Fargo & Co. stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $48.92, for a total transaction of $1,002,860.00. Following the transaction, the chief operating officer now directly owns 650,815 shares of the company’s stock, valued at $31,837,869.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Wells Fargo & Co. Company Profile

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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