Legacy Capital Partners Inc. Increases Stock Holdings in Wells Fargo & Co (NYSE:WFC)

Legacy Capital Partners Inc. grew its position in Wells Fargo & Co (NYSE:WFC) by 13.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,066 shares of the financial services provider’s stock after buying an additional 5,130 shares during the quarter. Legacy Capital Partners Inc.’s holdings in Wells Fargo & Co were worth $1,128,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of Wells Fargo & Co by 2.4% in the first quarter. Geode Capital Management LLC now owns 56,816,476 shares of the financial services provider’s stock valued at $1,627,844,000 after buying an additional 1,353,615 shares in the last quarter. Norges Bank purchased a new position in shares of Wells Fargo & Co in the fourth quarter valued at $2,157,509,000. Davis Selected Advisers increased its position in shares of Wells Fargo & Co by 4.3% in the first quarter. Davis Selected Advisers now owns 27,636,091 shares of the financial services provider’s stock valued at $793,156,000 after buying an additional 1,150,097 shares in the last quarter. Longview Partners Guernsey LTD increased its position in shares of Wells Fargo & Co by 1.9% in the first quarter. Longview Partners Guernsey LTD now owns 26,417,431 shares of the financial services provider’s stock valued at $758,180,000 after buying an additional 484,080 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its position in shares of Wells Fargo & Co by 2.5% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 20,190,409 shares of the financial services provider’s stock valued at $1,086,244,000 after buying an additional 488,783 shares in the last quarter. Institutional investors and hedge funds own 73.18% of the company’s stock.

NYSE:WFC traded down $0.83 during midday trading on Tuesday, reaching $24.66. 20,498,247 shares of the company traded hands, compared to its average volume of 50,181,640. Wells Fargo & Co has a twelve month low of $22.00 and a twelve month high of $54.75. The firm has a market capitalization of $103.89 billion, a price-to-earnings ratio of 8.92, a price-to-earnings-growth ratio of 3.52 and a beta of 1.15. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.85. The company has a fifty day moving average price of $27.01 and a 200 day moving average price of $36.36.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.85). Wells Fargo & Co had a net margin of 14.52% and a return on equity of 9.28%. The company had revenue of $17.72 billion for the quarter, compared to analyst estimates of $19.40 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The company’s revenue for the quarter was down 18.0% compared to the same quarter last year. On average, equities research analysts forecast that Wells Fargo & Co will post 0.71 earnings per share for the current fiscal year.

WFC has been the topic of a number of analyst reports. DA Davidson initiated coverage on Wells Fargo & Co in a research note on Thursday, May 28th. They set a “neutral” rating and a $27.00 price objective on the stock. UBS Group lowered Wells Fargo & Co from a “neutral” rating to a “sell” rating and set a $19.00 price objective on the stock. in a research note on Monday, May 4th. Royal Bank of Canada decreased their price objective on Wells Fargo & Co from $35.00 to $29.00 in a research note on Tuesday, June 30th. BMO Capital Markets decreased their price objective on Wells Fargo & Co from $37.00 to $35.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 15th. Finally, Nomura Securities reaffirmed a “buy” rating and set a $31.00 price objective on shares of Wells Fargo & Co in a research note on Thursday, April 16th. Six analysts have rated the stock with a sell rating, eighteen have issued a hold rating and three have given a buy rating to the company. Wells Fargo & Co presently has a consensus rating of “Hold” and a consensus price target of $37.33.

Wells Fargo & Co Company Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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