Harris Associates L P Sells 1,163,661 Shares of Wells Fargo & Co (WFC)

Harris Associates L P lowered its holdings in Wells Fargo & Co (NYSE:WFC) by 5.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,950,927 shares of the financial services provider’s stock after selling 1,163,661 shares during the period. Wells Fargo & Co comprises 2.0% of Harris Associates L P’s holdings, making the stock its 11th biggest holding. Harris Associates L P’s holdings in Wells Fargo & Co were worth $1,011,499,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in WFC. SevenBridge Financial Group LLC increased its position in shares of Wells Fargo & Co by 500.0% in the fourth quarter. SevenBridge Financial Group LLC now owns 1,200 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,000 shares in the last quarter. Athena Capital Advisors LLC purchased a new position in shares of Wells Fargo & Co in the fourth quarter worth approximately $42,000. Mercer Capital Advisers Inc. increased its position in shares of Wells Fargo & Co by 81.3% in the fourth quarter. Mercer Capital Advisers Inc. now owns 1,171 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 525 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its position in shares of Wells Fargo & Co by 72.4% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 1,405 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 590 shares in the last quarter. Finally, Ruggie Capital Group purchased a new position in shares of Wells Fargo & Co in the fourth quarter worth approximately $80,000. 72.19% of the stock is currently owned by institutional investors.

Shares of WFC opened at $47.65 on Wednesday. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $59.53. The company has a market cap of $226.77 billion, a P/E ratio of 10.88, a P/E/G ratio of 0.85 and a beta of 1.11. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 1.35.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. The firm had revenue of $21.61 billion for the quarter, compared to the consensus estimate of $20.89 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. On average, equities research analysts predict that Wells Fargo & Co will post 4.93 EPS for the current year.

WFC has been the topic of several analyst reports. Robert W. Baird reissued a “buy” rating and issued a $59.00 target price on shares of Wells Fargo & Co in a research report on Wednesday, January 2nd. Morgan Stanley dropped their target price on shares of Wells Fargo & Co from $55.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday. Credit Suisse Group reaffirmed a “hold” rating and set a $60.00 price objective on shares of Wells Fargo & Co in a research report on Friday, January 11th. Deutsche Bank downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and lowered their price objective for the company from $56.00 to $54.00 in a research report on Friday, March 29th. Finally, ValuEngine raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the stock. Wells Fargo & Co presently has an average rating of “Hold” and a consensus target price of $56.35.

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Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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

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