Fisher Asset Management LLC Increased Wells Fargo& Co New (NYSE:WFC) by $5.31 Million as Shares Declined


Ken Fisher increased its stake in Wells Fargo& Co New (NYSE:WFC) by 0.58% based on its latest 2016Q2 regulatory filing with the SEC. Fisher Asset Management Llc bought 110,621 shares as the company’s stock declined 8.60% while stock markets rallied. The hedge fund run by Ken Fisher held 19.10 million shares of the major banks company at the end of 2016Q2, valued at $921.67M, up from 18.99M at the end of the previous reported quarter. Fisher Asset Management Llc who had been investing in Wells Fargo& Co New for a number of months, seems to be bullish on the $234.40 billion market cap company. The stock is down 3.93% or $1.91 hitting $46.63, despite the positive news. About 41.64M shares traded hands or 148.89% up from the average. Wells Fargo & Co (NYSE:WFC) has risen 4.39% since February 8, 2016 and is uptrending. It has underperformed by 12.10% the S&P500.

Fisher Asset Management Llc, which manages about $52.63B US Long portfolio, decreased its stake in Gilead Sciences Inc (NASDAQ:GILD) by 76,887 shares to 487,030 shares, valued at $47.87M in 2016Q2, according to the filing. It also reduced its holding in Paypal Hldgs Inc by 80,342 shares in the quarter, leaving it with 320,422 shares, and cut its stake in Pfizer Inc (NYSE:PFE).

Ken Fisher is an investor and also an author of several books. He is also in Forbes top 400 wealthiest people rank. Ken Fisher started his private investment firm Fisher Investments in 1979.

The institutional sentiment decreased to 1.23 in Q2 2016. Its down 0.09, from 1.32 in 2016Q1. The ratio turned negative, as 72 funds sold all WFC shares owned while 608 reduced positions. 100 funds bought stakes while 737 increased positions. They now own 3.66 billion shares or 2.46% less from 3.75 billion shares in 2016Q1.

Brandywine Trust Co holds 14.77% of its portfolio in WFC for 466,735 shares. Sq Advisors Llc owns 5.82 million shares or 11.66% of their US portfolio. Moreover, Bloombergsen Inc. has 11.14% invested in the company for 2.23 million shares. The Japan-based Hikari Tsushin Inc. has invested 11.1% in the stock. Gvo Asset Management Ltd, a Switzerland-based fund reported 1.99 million shares.

Out of 19 analysts covering Wells Fargo (NYSE:WFC), 10 rate it a “Buy”, 5 “Sell”, while 4 “Hold”. This means 53% are positive. $65 is the highest target while $45 is the lowest. The $55.59 average target is 19.22% above today’s ($46.63) stock price. Wells Fargo has been the topic of 31 analyst reports since September 25, 2015 according to StockzIntelligence Inc. Barclays Capital maintained the stock on July 18 with “Overweight” rating. UBS initiated it with “Sell” rating and $45 target price in a March 24 report. Nomura maintained the shares of WFC in a report on April 25 with “Buy” rating. Compass Point maintained the firm’s rating on January 19. Compass Point has “Neutral” rating and $54.0 price target. Lastly, Sandler O’Neill downgraded the stock to “Hold” rating in an April 11 report.

Wells Fargo & Company is a bank holding company. The company has a market cap of $234.40 billion. The Firm 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 a 11.51 P/E ratio. It has three operating divisions: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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