Wells Fargo & Company $WFC Shares Purchased by Asset Management One Co. Ltd.

Key Points

• Asset Management One Co. Ltd. increased its Wells Fargo stake by 3.2% in the third quarter, adding 41,850 shares to hold 1.35 million shares valued at approximately $108.2 million. Institutional investors collectively own 75.9% of WFC.
• Wall Street maintains a “Moderate Buy” consensus on Wells Fargo, with two Strong Buy, 14 Buy, and eight Hold ratings and an average price target of $98.08.
• Wells Fargo reported quarterly EPS of $1.87, slightly above estimates, while revenue rose 2% year over year to $21.87 billion but fell short of the $22.30 billion consensus forecast.

Asset Management One Co. Ltd. lifted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,351,469 shares of the financial services provider's stock after purchasing an additional 41,850 shares during the period. Asset Management One Co. Ltd.'s holdings in Wells Fargo & Company were worth $108,185,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Legal & General Group Plc acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth about $1,635,881,000. Bank of New York Mellon Corp bought a new stake in shares of Wells Fargo & Company during the 2nd quarter worth about $1,364,923,000. Amundi grew its stake in Wells Fargo & Company by 73.0% in the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider's stock valued at $1,310,663,000 after buying an additional 6,944,316 shares during the last quarter. Deutsche Bank AG acquired a new position in Wells Fargo & Company in the 2nd quarter valued at about $859,431,000. Finally, Pzena Investment Management LLC acquired a new position in Wells Fargo & Company in the 2nd quarter valued at about $729,502,000. Institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

WFC has been the topic of several research analyst reports. TD Cowen began coverage on shares of Wells Fargo & Company in a report on Thursday, October 8th. They issued a "buy" rating and a $95.00 price target on the stock. Royal Bank Of Canada decreased their target price on Wells Fargo & Company from $100.00 to $92.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 14th. Bank of America increased their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods lowered their target price on Wells Fargo & Company from $94.00 to $90.00 and set a "market perform" rating on the stock in a research note on Wednesday, October 14th. Finally, Truist Financial increased their price objective on Wells Fargo & Company from $94.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, October 1st. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, Wells Fargo & Company has an average rating of "Moderate Buy" and an average price target of $98.08.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $82.72 on Wednesday. The stock has a fifty day moving average price of $84.43 and a 200-day moving average price of $83.87. The company has a market cap of $250.14 billion, a price-to-earnings ratio of 11.67 and a beta of 0.96. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.02. The company had revenue of $21.87 billion for the quarter, compared to analyst estimates of $22.30 billion. During the same period last year, the company posted $1.66 earnings per share. The business's revenue for the quarter was up 2.0% compared to the same quarter last year. Research analysts predict that Wells Fargo & Company will post 7.27 EPS for the current fiscal year.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.

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