Capital Investment Counsel Inc Cuts Holdings in Wells Fargo & Company (NYSE:WFC)

Capital Investment Counsel Inc cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 54,456 shares of the financial services provider’s stock after selling 1,227 shares during the quarter. Capital Investment Counsel Inc’s holdings in Wells Fargo & Company were worth $2,680,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new position in Wells Fargo & Company in the third quarter valued at about $25,000. Arlington Trust Co LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. lifted its stake in shares of Wells Fargo & Company by 208.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after buying an additional 356,620 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at approximately $29,000. Finally, Wetzel Investment Advisors Inc. purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at approximately $32,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 0.4 %

WFC traded up $0.26 during trading on Monday, hitting $60.17. 2,254,701 shares of the stock traded hands, compared to its average volume of 18,899,137. The firm has a 50-day moving average of $56.93 and a 200 day moving average of $49.70. Wells Fargo & Company has a 12-month low of $36.40 and a 12-month high of $61.76. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market capitalization of $213.03 billion, a P/E ratio of 12.51, a price-to-earnings-growth ratio of 1.16 and a beta of 1.19.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The firm had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same period last year, the company posted $1.23 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.06 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on WFC shares. StockNews.com upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Barclays upped their target price on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. The Goldman Sachs Group increased their price target on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Robert W. Baird reissued a “neutral” rating and issued a $55.00 price target on shares of Wells Fargo & Company in a report on Monday, January 8th. Finally, Morgan Stanley increased their price target on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Thirteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $58.85.

Wells Fargo & Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.