Griffin Asset Management Inc. Sells 1,217 Shares of Wells Fargo & Company (NYSE:WFC)

Griffin Asset Management Inc. trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 0.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 247,435 shares of the financial services provider’s stock after selling 1,217 shares during the quarter. Wells Fargo & Company comprises approximately 2.0% of Griffin Asset Management Inc.’s portfolio, making the stock its 5th biggest position. Griffin Asset Management Inc.’s holdings in Wells Fargo & Company were worth $17,380,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Income Research & Management purchased a new position in shares of Wells Fargo & Company during the third quarter worth approximately $211,000. Mattson Financial Services LLC acquired a new stake in Wells Fargo & Company during the 2nd quarter worth $25,000. Modus Advisors LLC purchased a new position in Wells Fargo & Company during the 4th quarter worth $30,000. Strategic Investment Solutions Inc. IL acquired a new position in Wells Fargo & Company in the second quarter valued at $26,000. Finally, Decker Retirement Planning Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $32,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

WFC has been the subject of several recent research reports. Citigroup increased their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. UBS Group lifted their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. The Goldman Sachs Group raised their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Keefe, Bruyette & Woods boosted their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Finally, Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a research note on Tuesday, October 8th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Stock Up 0.8 %

Shares of NYSE:WFC opened at $77.90 on Tuesday. Wells Fargo & Company has a 12-month low of $47.45 and a 12-month high of $78.30. The stock’s 50-day moving average price is $73.19 and its two-hundred day moving average price is $64.10. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The firm has a market cap of $259.37 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 1.17 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $0.86 earnings per share. On average, research analysts forecast that Wells Fargo & Company will post 5.84 EPS for the current year.

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.