Greylin Investment Mangement Inc. lessened its stake in shares of Wells Fargo & Co (NYSE:WFC) by 5.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 103,666 shares of the financial services provider’s stock after selling 5,405 shares during the period. Wells Fargo & Co makes up about 1.2% of Greylin Investment Mangement Inc.’s holdings, making the stock its 16th largest holding. Greylin Investment Mangement Inc.’s holdings in Wells Fargo & Co were worth $5,229,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Evolution Wealth Advisors LLC bought a new stake in Wells Fargo & Co during the 2nd quarter valued at approximately $25,000. Next Capital Management LLC bought a new stake in shares of Wells Fargo & Co in the 2nd quarter worth approximately $32,000. Meridian Wealth Management LLC bought a new stake in shares of Wells Fargo & Co in the 1st quarter worth approximately $50,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Co in the 2nd quarter worth approximately $51,000. Finally, Redhawk Wealth Advisors Inc. bought a new stake in shares of Wells Fargo & Co in the 2nd quarter worth approximately $63,000. Institutional investors own 75.25% of the company’s stock.
WFC has been the subject of a number of research reports. Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $54.00 to $47.00 in a research report on Wednesday, July 17th. Bank of America set a $50.00 price objective on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Monday, September 30th. Wolfe Research downgraded Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, July 10th. Citigroup downgraded Wells Fargo & Co from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $56.00 to $51.00 in a research report on Friday, July 12th. Finally, Morgan Stanley raised their price objective on Wells Fargo & Co from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $50.48.
Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The business had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. During the same period in the prior year, the firm posted $0.98 EPS. Wells Fargo & Co’s quarterly revenue was up .1% compared to the same quarter last year. As a group, equities analysts expect that Wells Fargo & Co will post 4.77 EPS for the current fiscal year.
Wells Fargo & Co announced that its board has authorized a share buyback plan on Thursday, June 27th that allows the company to buyback $23.10 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
About Wells Fargo & Co
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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