BTR Capital Management Inc. Has $1.69 Million Position in Wells Fargo & Company (WFC)
BTR Capital Management Inc. decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.0% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,476 shares of the financial services provider’s stock after selling 955 shares during the quarter. BTR Capital Management Inc.’s holdings in Wells Fargo & were worth $1,689,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board increased its stake in Wells Fargo & by 83.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 7,972,116 shares of the financial services provider’s stock worth $443,728,000 after buying an additional 3,637,100 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in Wells Fargo & by 49.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 9,713,557 shares of the financial services provider’s stock valued at $540,657,000 after acquiring an additional 3,214,592 shares during the period. Boston Partners raised its holdings in Wells Fargo & by 50.0% during the first quarter. Boston Partners now owns 7,948,841 shares of the financial services provider’s stock valued at $442,432,000 after acquiring an additional 2,648,763 shares during the period. Karp Capital Management Corp bought a new stake in Wells Fargo & during the first quarter valued at about $90,858,000. Finally, State of Wisconsin Investment Board raised its holdings in Wells Fargo & by 16.8% during the first quarter. State of Wisconsin Investment Board now owns 5,492,211 shares of the financial services provider’s stock valued at $305,696,000 after acquiring an additional 791,867 shares during the period. Institutional investors own 75.12% of the company’s stock.
Wells Fargo & Company (WFC) traded down 0.9466% during midday trading on Wednesday, reaching $55.0539. 8,352,761 shares of the company’s stock traded hands. The company has a market capitalization of $273.28 billion, a price-to-earnings ratio of 13.5601 and a beta of 0.97. Wells Fargo & Company has a 1-year low of $43.83 and a 1-year high of $59.99. The firm’s 50-day moving average is $52.34 and its 200-day moving average is $53.58.
Wells Fargo & (NYSE:WFC) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.05. The firm had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. Wells Fargo &’s revenue was up .2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 EPS. Analysts forecast that Wells Fargo & Company will post $4.15 earnings per share for the current year.
Wells Fargo & announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
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WFC has been the subject of several research analyst reports. UBS AG reiterated a “neutral” rating and set a $56.00 target price (down previously from $59.00) on shares of Wells Fargo & in a research report on Friday, September 15th. Piper Jaffray Companies reissued a “neutral” rating and issued a $50.00 price target (down from $52.00) on shares of Wells Fargo & in a report on Wednesday, September 13th. Berenberg Bank cut Wells Fargo & from a “hold” rating to a “sell” rating and boosted their price target for the stock from $35.00 to $45.00 in a report on Friday, July 21st. Robert W. Baird reissued a “buy” rating and issued a $58.00 price target on shares of Wells Fargo & in a report on Tuesday, September 5th. Finally, Keefe, Bruyette & Woods restated an “overweight” rating on shares of Wells Fargo & in a research note on Thursday, July 13th. Seven investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Wells Fargo & presently has an average rating of “Hold” and a consensus target price of $56.61.
About Wells Fargo &
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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