Todays Report: The Canal Insurance CO reaches $1,420,000 position of Wells Fargo & Co. (WFC)

The Canal Insurance CO reaches $1,420,000 position  of Wells Fargo & Co. (WFC)

Canal Insurance CO held its stake in Wells Fargo & Co. (NYSE:WFC) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,000 shares of the financial services provider’s stock at the end of the second quarter. Canal Insurance CO’s holdings in Wells Fargo & Co. were worth $1,420,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of WFC. Coastline Trust Co raised its position in Wells Fargo & Co. by 3.5% in the first quarter. Coastline Trust Co now owns 49,802 shares of the financial services provider’s stock valued at $2,409,000 after buying an additional 1,685 shares during the period. Nicolet Bankshares Inc. raised its position in Wells Fargo & Co. by 1.5% in the first quarter. Nicolet Bankshares Inc. now owns 51,446 shares of the financial services provider’s stock valued at $2,488,000 after buying an additional 778 shares during the period. BLB&B Advisors LLC raised its position in Wells Fargo & Co. by 9.1% in the first quarter. BLB&B Advisors LLC now owns 50,175 shares of the financial services provider’s stock valued at $2,426,000 after buying an additional 4,197 shares during the period. Vontobel Asset Management Inc. raised its position in Wells Fargo & Co. by 13.6% in the first quarter. Vontobel Asset Management Inc. now owns 7,465,087 shares of the financial services provider’s stock valued at $374,230,000 after buying an additional 892,762 shares during the period. Finally, Fisher Asset Management LLC raised its position in Wells Fargo & Co. by 0.6% in the first quarter. Fisher Asset Management LLC now owns 19,102,039 shares of the financial services provider’s stock valued at $921,673,000 after buying an additional 110,621 shares during the period. 73.98% of the stock is currently owned by institutional investors and hedge funds.

Shares of Wells Fargo & Co. (NYSE:WFC) traded up 0.33% on Friday, hitting $45.33. 24,893,588 shares of the stock were exchanged. The company has a market cap of $228.71 billion, a P/E ratio of 11.19 and a beta of 0.91. The firm’s 50-day moving average is $47.20 and its 200-day moving average is $48.20. Wells Fargo & Co. has a one year low of $43.55 and a one year high of $56.34.

Wells Fargo & Co. (NYSE:WFC) last posted 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. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The firm earned $22.20 billion during the quarter. During the same quarter last year, the company posted $1.03 EPS. Wells Fargo & Co.’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, equities analysts forecast that Wells Fargo & Co. will post $4.02 EPS for the current fiscal year.

Several research firms recently commented on WFC. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Wells Fargo & Co. in a report on Wednesday, August 31st. Vetr lowered Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $46.32 target price on the stock. in a report on Tuesday, August 30th. Zacks Investment Research raised Wells Fargo & Co. from a “sell” rating to a “hold” rating in a report on Monday, September 5th. Sandler O’Neill reissued a “hold” rating on shares of Wells Fargo & Co. in a report on Friday, September 9th. Finally, Rafferty Capital Markets lowered Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $44.00 target price on the stock. in a report on Friday, September 9th. Seven investment 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. The stock currently has a consensus rating of “Hold” and a consensus price target of $50.41.

In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the company’s 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 transaction, the chief operating officer now owns 650,815 shares in the company, valued at approximately $31,837,869.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by company insiders.

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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