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Jennison Associates LLC acquired a stake in Reddit valued at $494.9 million, while AllianceBernstein L.P. increased its holdings by over 1,000% to 2.8 million shares worth $455.8 million. Point72 Asset Management and Holocene Advisors also significantly raised their positions in the company. Reddit's stock has seen a price target adjustment from Wells Fargo, lowering it to $158, with a current average rating of "Moderate Buy." The company reported an EPS of $0.36, exceeding estimates, despite a negative net margin of 37.25%.
The Shaia family has acquired the former Wells Fargo branch at 122 E. Grace St. in Monroe Ward for $1.6 million, following its closure in fall 2023. The 2,800-square-foot property, assessed at $1.7 million, will be leased to a new tenant, with plans for renovation into an office or restaurant, excluding banking use. The Shaias, experienced in Richmond real estate, also own a nearby building being converted into a behavioral health facility.
A North Carolina federal judge has upheld the majority of a $22.1 million verdict against Wells Fargo under the Americans with Disabilities Act. However, the judge did agree to reduce the punitive damages awarded by the jury.
Capital Research Global Investors increased its stake in Wells Fargo & Company to 15,734,874 shares valued at $1.1 billion, while Two Sigma Advisers LP grew its position by 730.4% to 5,954,600 shares worth $336 million. Northern Trust Corp raised its holdings by 10.7%, owning 34,339,295 shares valued at $2.4 billion. Institutional investors hold 75.90% of the company's stock, which has a current rating of "Moderate Buy" with an average price target of $74.97.
Wells Fargo is relocating its downtown Fort Worth office to a new 50,000-square-foot building in the upscale Shops at Clearfork, leasing 39,000 square feet. The move, part of a broader trend favoring modern office spaces outside the traditional downtown, coincides with the expiration of its lease at the 201 Main Street tower in 2026. The new building, developed by Simon Property Group and Cassco Development Company, will also include 22,000 square feet of retail space and is set to open in 2026.
Citigroup Global Markets Holdings Inc. warns investors of significant risks associated with their securities, which are linked to multiple underlyings. Investors may lose some or all of their investment, and contingent coupon payments are contingent on the lowest performing underlying meeting specific thresholds. The securities are not listed on exchanges, may be automatically redeemed before maturity, and their value is subject to volatility and credit risks.
Wells Fargo has appointed Megan Hausmann as the executive director and lead recruiter for its RIA Solutions business development arm. Previously a senior director at Apex Clearing, Hausmann will work with leaders to enhance the sales and due diligence processes, leveraging the bank's resources. Craig Avery, who joined Wells Fargo in July 2023, announced her hiring as part of efforts to launch a direct-to-RIA platform.
Deep-pocketed investors are showing a bullish trend towards Wells Fargo (WFC), with 66% leaning positive amid unusual options activity. The stock is currently priced at $70.5, with significant trading volumes indicating a focus on a price range between $62.5 and $80. Analysts have set a consensus target price of $79.0, with one upgrading to Outperform at $80.
Charles Schwab Investment Management Inc. increased its stake in Reddit to 503,321 shares, valued at $33.2 million, while several firms, including Cerity Partners LLC and Daiwa Securities Group Inc., acquired new positions in the company during the third quarter. Wells Fargo & Company lowered its price target for Reddit from $215 to $158, maintaining an "overweight" rating, while other analysts have varied opinions, with a consensus rating of "Moderate Buy" and an average target price of $163. Reddit's stock opened at $107.57, with a market cap of $19.46 billion.
Wells Fargo & Company (NYSE: WFC) is highlighted as a leading banking franchise due to its significant market share in deposits and strong historical returns on assets and equity. The company’s stock closed at $70.69 on March 28, 2025, with a market cap of $230.814 billion, despite a recent one-month decline of 8.23%. The potential for deregulation and lifting of the asset cap in 2025 has contributed to positive speculation around its performance.
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