Pinnacle Bank cut its stake in Wells Fargo & Co (NYSE:WFC) by 12.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,964 shares of the financial services provider’s stock after selling 1,125 shares during the quarter. Pinnacle Bank’s holdings in Wells Fargo & Co were worth $204,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Total Clarity Wealth Management Inc. bought a new position in Wells Fargo & Co during the fourth quarter valued at $35,000. Procyon Private Wealth Partners LLC purchased a new position in shares of Wells Fargo & Co during the 4th quarter worth about $37,000. FSA Wealth Management LLC bought a new position in Wells Fargo & Co during the 4th quarter valued at about $40,000. Engrave Wealth Partners LLC purchased a new stake in Wells Fargo & Co in the 4th quarter worth about $43,000. Finally, Your Advocates Ltd. LLP bought a new stake in Wells Fargo & Co in the first quarter worth about $26,000. 73.18% of the stock is owned by institutional investors.
A number of research analysts have recently commented on the company. ValuEngine raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Wednesday, April 15th. Morgan Stanley reduced their target price on Wells Fargo & Co from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 11th. Credit Suisse Group lowered their target price on shares of Wells Fargo & Co from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, April 21st. Nomura Securities reaffirmed a “buy” rating and issued a $31.00 price target on shares of Wells Fargo & Co in a research note on Thursday, April 16th. Finally, Royal Bank of Canada decreased their price objective on shares of Wells Fargo & Co from $35.00 to $29.00 in a report on Tuesday, June 30th. Six analysts have rated the stock with a sell rating, eighteen have given a hold rating and three have assigned a buy rating to the company’s stock. Wells Fargo & Co currently has a consensus rating of “Hold” and an average target price of $37.33.
Shares of NYSE:WFC traded down $0.85 on Tuesday, reaching $24.64. The company had a trading volume of 21,553,717 shares, compared to its average volume of 50,181,640. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $103.89 billion, a PE ratio of 8.92, a PEG ratio of 3.52 and a beta of 1.15. Wells Fargo & Co has a 52-week low of $22.00 and a 52-week high of $54.75. The firm’s 50 day simple moving average is $27.01 and its 200-day simple moving average is $36.36.
Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Tuesday, April 14th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.85). The company had revenue of $17.72 billion during the quarter, compared to analysts’ expectations of $19.40 billion. Wells Fargo & Co had a net margin of 14.52% and a return on equity of 9.28%. Wells Fargo & Co’s revenue for the quarter was down 18.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 EPS. As a group, equities research analysts predict that Wells Fargo & Co will post 0.71 earnings per share for the current year.
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.
Recommended Story: What Every Investor Needs to Understand About Secondary Public Offerings
Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).
Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.