Traynor Capital Management Inc. Reduces Stock Position in Wells Fargo & Company (NYSE:WFC)

Traynor Capital Management Inc. reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 13.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,224 shares of the financial services provider’s stock after selling 486 shares during the quarter. Traynor Capital Management Inc.’s holdings in Wells Fargo & Company were worth $226,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in WFC. National Pension Service boosted its holdings in Wells Fargo & Company by 15.2% in the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock valued at $383,532,000 after purchasing an additional 897,195 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its position in shares of Wells Fargo & Company by 2.5% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider’s stock worth $375,183,000 after buying an additional 162,066 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Wells Fargo & Company by 10.1% in the 4th quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock valued at $441,983,000 after buying an additional 575,892 shares in the last quarter. Two Sigma Advisers LP grew its position in shares of Wells Fargo & Company by 730.4% in the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock valued at $336,375,000 after buying an additional 5,237,500 shares during the last quarter. Finally, Canoe Financial LP acquired a new stake in Wells Fargo & Company during the 3rd quarter worth $160,529,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $77.49 on Friday. The stock has a market capitalization of $258.00 billion, a P/E ratio of 14.40, a P/E/G ratio of 1.18 and a beta of 1.18. Wells Fargo & Company has a 12-month low of $47.45 and a 12-month high of $78.30. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The firm’s 50-day moving average is $73.03 and its two-hundred day moving average is $63.82.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down .5% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 earnings per share. Equities analysts predict that Wells Fargo & Company will post 5.84 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on WFC shares. Keefe, Bruyette & Woods raised their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Evercore ISI lifted their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their price objective for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Citigroup lifted their target price on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Finally, Compass Point increased their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus target price of $73.39.

About Wells Fargo & Company

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.