Comerica Bank Has $93.43 Million Holdings in Wells Fargo & Co (WFC)

Comerica Bank raised its stake in Wells Fargo & Co (NYSE:WFC) by 20.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,672,928 shares of the financial services provider’s stock after buying an additional 280,576 shares during the period. Wells Fargo & Co comprises 0.7% of Comerica Bank’s holdings, making the stock its 16th largest position. Comerica Bank’s holdings in Wells Fargo & Co were worth $93,433,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in WFC. Perkins Coie Trust Co raised its position in shares of Wells Fargo & Co by 8.0% during the second quarter. Perkins Coie Trust Co now owns 52,853 shares of the financial services provider’s stock worth $2,928,000 after purchasing an additional 3,912 shares during the period. Country Club Trust Company n.a. raised its position in shares of Wells Fargo & Co by 0.3% during the second quarter. Country Club Trust Company n.a. now owns 16,742 shares of the financial services provider’s stock worth $927,000 after purchasing an additional 47 shares during the period. City Holding Co. raised its position in shares of Wells Fargo & Co by 13.3% during the second quarter. City Holding Co. now owns 55,983 shares of the financial services provider’s stock worth $3,101,000 after purchasing an additional 6,572 shares during the period. Koshinski Asset Management Inc. raised its position in shares of Wells Fargo & Co by 40.5% during the second quarter. Koshinski Asset Management Inc. now owns 15,128 shares of the financial services provider’s stock worth $838,000 after purchasing an additional 4,362 shares during the period. Finally, Alta Capital Management LLC raised its position in shares of Wells Fargo & Co by 12.1% during the second quarter. Alta Capital Management LLC now owns 891,618 shares of the financial services provider’s stock worth $49,404,000 after purchasing an additional 96,466 shares during the period. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Co (NYSE:WFC) opened at $63.88 on Thursday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. The firm has a market capitalization of $314,790.00, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 1.65 and a beta of 0.96. Wells Fargo & Co has a one year low of $49.27 and a one year high of $64.04.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). The company had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.96 earnings per share. equities research analysts predict that Wells Fargo & Co will post 4.69 EPS for the current year.

A number of equities research analysts have recently commented on WFC shares. Instinet reaffirmed a “buy” rating and set a $65.00 price target (up previously from $64.00) on shares of Wells Fargo & Co in a research report on Saturday, September 30th. Nomura raised their price target on Wells Fargo & Co from $64.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, September 28th. Citigroup reiterated a “buy” rating and set a $65.00 price objective (up from $60.00) on shares of Wells Fargo & Co in a report on Monday, October 9th. Robert W. Baird reiterated a “buy” rating and set a $58.00 price objective on shares of Wells Fargo & Co in a report on Friday, October 6th. Finally, Goldman Sachs Group reiterated a “buy” rating on shares of Wells Fargo & Co in a report on Wednesday, October 11th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the stock. Wells Fargo & Co presently has an average rating of “Hold” and a consensus price target of $61.37.

In other Wells Fargo & Co news, insider Michael J. Loughlin sold 17,482 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $57.80, for a total value of $1,010,459.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Richard Levy sold 97,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.47, for a total value of $5,477,590.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 184,482 shares of company stock valued at $10,471,050. Corporate insiders own 0.22% of the company’s stock.

TRADEMARK VIOLATION WARNING: “Comerica Bank Has $93.43 Million Holdings in Wells Fargo & Co (WFC)” was published by Sports Perspectives and is the property of of Sports Perspectives. If you are reading this piece of content on another domain, it was illegally copied and republished in violation of international copyright & trademark law. The legal version of this piece of content can be read at https://sportsperspectives.com/2018/01/18/comerica-bank-has-93-43-million-holdings-in-wells-fargo-co-wfc.html.

About Wells Fargo & Co

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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.

Latest News

Leave a Reply