The Saybrook Capital NC Maintains Stake in Wells Fargo & Co. (WFC)

The Saybrook Capital NC Maintains Stake in Wells Fargo & Co. (WFC)

Saybrook Capital NC maintained its position in shares of Wells Fargo & Co. (NYSE:WFC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,161 shares of the financial services provider’s stock at the end of the second quarter. Saybrook Capital NC’s holdings in Wells Fargo & Co. were worth $386,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. 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 valued at $6,348,262,000 after buying an additional 3,450,553 shares during the last quarter. BlackRock Fund Advisors increased its position in 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 valued at $2,804,161,000 after buying an additional 4,695,036 shares during the last quarter. Geode Capital Management LLC increased its position in Wells Fargo & Co. by 1.3% in the first quarter. Geode Capital Management LLC now owns 39,052,057 shares of the financial services provider’s stock valued at $1,884,841,000 after buying an additional 502,040 shares during the last quarter. Legal & General Group Plc increased its position in Wells Fargo & Co. by 2.1% in the first quarter. Legal & General Group Plc now owns 22,729,888 shares of the financial services provider’s stock valued at $1,099,251,000 after buying an additional 457,687 shares during the last quarter. Finally, Fisher Asset Management LLC increased 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 last quarter. 73.98% of the stock is owned by institutional investors and hedge funds.

Shares of Wells Fargo & Co. (NYSE:WFC) traded up 2.31% during midday trading on Wednesday, hitting $44.76. 20,940,947 shares of the stock were exchanged. Wells Fargo & Co. has a 52-week low of $43.55 and a 52-week high of $56.34. The firm has a market cap of $225.84 billion, a PE ratio of 11.05 and a beta of 0.91. The firm’s 50-day moving average is $47.49 and its 200 day moving average is $48.29.

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 for the quarter, hitting the Thomson Reuters’ 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 had revenue of $22.20 billion for the quarter. During the same quarter last year, the company earned $1.03 EPS. Wells Fargo & Co.’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts forecast that Wells Fargo & Co. will post $4.02 earnings per share for the current year.

Several equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Wells Fargo & Co. in a research note on Wednesday, August 31st. Vetr downgraded shares of Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $46.32 price target for the company. in a research note on Tuesday, August 30th. Zacks Investment Research raised shares of Wells Fargo & Co. from a “sell” rating to a “hold” rating in a research note on Monday, September 5th. Rafferty Capital Markets downgraded shares of Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $44.00 price target for the company. in a research note on Friday, September 9th. Finally, Sandler O’Neill reiterated a “hold” rating on shares of Wells Fargo & Co. in a research report on Friday, September 9th. Seven equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $50.41.

In other news, COO Timothy J. Sloan sold 20,500 shares of the stock in a transaction that occurred on 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 transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by 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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