The Parthenon LLC Has $268,000 Stake in Wells Fargo & Co. (WFC)

The Parthenon LLC Has $268,000 Stake in Wells Fargo & Co. (WFC)

Parthenon LLC decreased its position in Wells Fargo & Co. (NYSE:WFC) by 2.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,059 shares of the financial services provider’s stock after selling 163 shares during the period. Parthenon LLC’s holdings in Wells Fargo & Co. were worth $268,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Global X Management Co. LLC raised its stake in shares of Wells Fargo & Co. by 64.8% in the second quarter. Global X Management Co. LLC now owns 2,301 shares of the financial services provider’s stock valued at $109,000 after buying an additional 905 shares during the period. Coconut Grove Bank increased its position in shares of Wells Fargo & Co. by 54.9% in the third quarter. Coconut Grove Bank now owns 2,538 shares of the financial services provider’s stock worth $112,000 after buying an additional 900 shares in the last quarter. Timber Creek Capital Management LLC increased its position in shares of Wells Fargo & Co. by 30.0% in the third quarter. Timber Creek Capital Management LLC now owns 3,033 shares of the financial services provider’s stock worth $134,000 after buying an additional 700 shares in the last quarter. Cedar Wealth Management LLC increased its position in shares of Wells Fargo & Co. by 5.6% in the third quarter. Cedar Wealth Management LLC now owns 3,461 shares of the financial services provider’s stock worth $153,000 after buying an additional 185 shares in the last quarter. Finally, Gemmer Asset Management LLC increased its position in shares of Wells Fargo & Co. by 6.7% in the second quarter. Gemmer Asset Management LLC now owns 3,735 shares of the financial services provider’s stock worth $177,000 after buying an additional 234 shares in the last quarter. Institutional investors own 72.57% of the company’s stock.

Wells Fargo & Co. (NYSE:WFC) traded up 0.90% during midday trading on Friday, reaching $55.07. 24,160,823 shares of the company’s stock traded hands. Wells Fargo & Co. has a 1-year low of $43.55 and a 1-year high of $58.02. The firm’s 50-day moving average is $55.03 and its 200-day moving average is $49.40. The company has a market capitalization of $276.24 billion, a price-to-earnings ratio of 13.80 and a beta of 0.99.

Wells Fargo & Co. (NYSE:WFC) last posted its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.96 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.04. The business earned $21.60 billion during the quarter. Wells Fargo & Co. had a return on equity of 12.60% and a net margin of 23.30%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.03 earnings per share. Analysts forecast that Wells Fargo & Co. will post $4.19 earnings per share for the current year.

A number of equities analysts have weighed in on WFC shares. Credit Suisse Group AG decreased their target price on shares of Wells Fargo & Co. from $56.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, September 23rd. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $56.00 target price on shares of Wells Fargo & Co. in a research note on Friday, September 23rd. RBC Capital Markets reaffirmed an “outperform” rating and set a $52.00 target price (down previously from $54.00) on shares of Wells Fargo & Co. in a research note on Friday, September 23rd. Raymond James Financial Inc. reaffirmed a “market perform” rating on shares of Wells Fargo & Co. in a research note on Friday, September 23rd. Finally, Citigroup Inc. reaffirmed an “outperform” rating and set a $50.00 target price (down previously from $56.00) on shares of Wells Fargo & Co. in a research note on Monday, September 26th. Seven research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $51.64.

About Wells Fargo & Co.

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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