Marco Investment Management LLC Has $2.15 Million Stake in Wells Fargo & Company (NYSE:WFC)

Marco Investment Management LLC boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 1.5% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 29,951 shares of the financial services provider’s stock after acquiring an additional 450 shares during the quarter. Marco Investment Management LLC’s holdings in Wells Fargo & Company were worth $2,150,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of WFC. Capital Research Global Investors lifted its holdings in Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock valued at $1,105,218,000 after buying an additional 14,210,193 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after buying an additional 7,894,919 shares during the period. GAMMA Investing LLC lifted its holdings in Wells Fargo & Company by 7,887.9% in the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider’s stock valued at $243,589,000 after buying an additional 3,350,605 shares during the period. Northern Trust Corp lifted its holdings in Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after buying an additional 3,307,855 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Wells Fargo & Company in the fourth quarter valued at approximately $198,801,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wall Street Zen downgraded shares of Wells Fargo & Company from a “hold” rating to a “sell” rating in a research note on Saturday. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. Citigroup reaffirmed a “neutral” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Raymond James Financial downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average target price of $80.39.

Wells Fargo & Company Stock Down 1.5%

Shares of WFC stock opened at $83.03 on Tuesday. The firm has a fifty day moving average of $78.00 and a 200-day moving average of $74.72. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $84.83. The company has a market capitalization of $270.19 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 1.31 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.33 earnings per share. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its board has authorized a share repurchase plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.