Wells Fargo & Company $WFC Shares Sold by Balance Wealth Partners LLC

Key Points

• Balance Wealth Partners LLC cut its Wells Fargo stake by 41.1% in the third quarter, selling 24,737 shares and retaining 35,448 shares valued at approximately $2.84 million.
• Wells Fargo reported quarterly EPS of $1.87, slightly exceeding estimates of $1.85, while revenue rose 2% year over year to $21.87 billion but fell short of expectations.
• Despite recent price-target adjustments, analysts maintain a “Moderate Buy” consensus with an average target of $98.08; institutional investors collectively own 75.9% of the stock.

Balance Wealth Partners LLC reduced its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 41.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,448 shares of the financial services provider's stock after selling 24,737 shares during the period. Balance Wealth Partners LLC's holdings in Wells Fargo & Company were worth $2,838,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Legal & General Group Plc acquired a new stake in Wells Fargo & Company in the 2nd quarter valued at about $1,635,881,000. Bank of New York Mellon Corp purchased a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $1,364,923,000. Deutsche Bank AG purchased a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $859,431,000. Pzena Investment Management LLC acquired a new position in shares of Wells Fargo & Company during the second quarter worth about $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Wells Fargo & Company during the second quarter worth about $620,861,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

WFC opened at $82.72 on Wednesday. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The company has a market cap of $250.14 billion, a P/E ratio of 11.67 and a beta of 0.96. The business's 50-day simple moving average is $84.43 and its 200-day simple moving average is $83.87.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 EPS for the quarter, beating the consensus estimate of $1.85 by $0.02. The company had revenue of $21.87 billion during the quarter, compared to analysts' expectations of $22.30 billion. The business's revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.66 earnings per share. As a group, analysts predict that Wells Fargo & Company will post 7.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on WFC shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Wells Fargo & Company in a report on Thursday, October 15th. UBS Group lowered their price target on shares of Wells Fargo & Company from $104.00 to $102.00 and set a "buy" rating for the company in a report on Monday, October 5th. Morgan Stanley lowered their price target on shares of Wells Fargo & Company from $102.00 to $101.00 and set an "overweight" rating for the company in a report on Wednesday, October 14th. Robert W. Baird increased their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Finally, Raymond James Financial restated a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $98.08.

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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