Wells Fargo & Co (NYSE:WFC) Shares Purchased by Berkshire Asset Management LLC PA

Berkshire Asset Management LLC PA raised its stake in Wells Fargo & Co (NYSE:WFC) by 21.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 595,157 shares of the financial services provider’s stock after acquiring an additional 104,718 shares during the period. Wells Fargo & Co makes up about 2.6% of Berkshire Asset Management LLC PA’s portfolio, making the stock its 4th biggest holding. Berkshire Asset Management LLC PA’s holdings in Wells Fargo & Co were worth $30,020,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nippon Life Global Investors Americas Inc. grew its stake in Wells Fargo & Co by 22.6% in the 1st quarter. Nippon Life Global Investors Americas Inc. now owns 292,490 shares of the financial services provider’s stock valued at $14,133,000 after acquiring an additional 53,970 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its stake in Wells Fargo & Co by 111.1% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 2,966 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 1,561 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its stake in Wells Fargo & Co by 4.5% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 31,578 shares of the financial services provider’s stock valued at $1,526,000 after acquiring an additional 1,356 shares during the last quarter. Zeke Capital Advisors LLC grew its stake in Wells Fargo & Co by 21.6% in the 1st quarter. Zeke Capital Advisors LLC now owns 206,233 shares of the financial services provider’s stock valued at $9,965,000 after acquiring an additional 36,642 shares during the last quarter. Finally, Duncker Streett & Co. Inc. grew its stake in Wells Fargo & Co by 1.5% in the 1st quarter. Duncker Streett & Co. Inc. now owns 40,378 shares of the financial services provider’s stock valued at $1,951,000 after acquiring an additional 586 shares during the last quarter. 75.25% of the stock is owned by hedge funds and other institutional investors.

WFC has been the topic of several analyst reports. Piper Jaffray Companies set a $46.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Monday, September 9th. Citigroup cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $56.00 to $51.00 in a research note on Friday, July 12th. Macquarie cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $54.00 to $47.00 in a research note on Wednesday, July 17th. Wolfe Research cut shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Finally, Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Friday, July 26th. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $50.48.

Shares of WFC stock traded down $0.40 during trading hours on Monday, hitting $48.81. 15,343,438 shares of the company were exchanged, compared to its average volume of 20,880,938. The firm has a market cap of $213.61 billion, a PE ratio of 11.14, a PEG ratio of 0.95 and a beta of 1.11. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $55.04. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. The firm has a fifty day moving average of $47.70 and a 200 day moving average of $47.16.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The company’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 EPS. Analysts expect that Wells Fargo & Co will post 4.77 earnings per share for the current year.

Wells Fargo & Co declared that its Board of Directors has authorized a stock buyback program on Thursday, June 27th that authorizes the company to buyback $23.10 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

Featured Story: Cash Flow Analysis in Stock Selection

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Co (NYSE:WFC).

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

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.