Eastern Bank Invests $790,000 in Wells Fargo & Company (NYSE:WFC)

Eastern Bank bought a new stake in Wells Fargo & Company (NYSE:WFC) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 13,989 shares of the financial services provider’s stock, valued at approximately $790,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Argus Investors Counsel Inc. increased its stake in Wells Fargo & Company by 34.6% in the third quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock valued at $1,780,000 after purchasing an additional 8,107 shares during the period. Sweeney & Michel LLC grew its holdings in shares of Wells Fargo & Company by 8.8% during the third quarter. Sweeney & Michel LLC now owns 24,173 shares of the financial services provider’s stock worth $1,366,000 after buying an additional 1,956 shares during the last quarter. Oakworth Capital Inc. increased its position in Wells Fargo & Company by 16.8% in the 3rd quarter. Oakworth Capital Inc. now owns 6,228 shares of the financial services provider’s stock valued at $352,000 after acquiring an additional 896 shares during the period. Foundations Investment Advisors LLC raised its stake in Wells Fargo & Company by 5.8% during the 3rd quarter. Foundations Investment Advisors LLC now owns 21,483 shares of the financial services provider’s stock valued at $1,214,000 after acquiring an additional 1,179 shares during the last quarter. Finally, Integrity Financial Corp WA lifted its position in Wells Fargo & Company by 44.5% during the 3rd quarter. Integrity Financial Corp WA now owns 10,831 shares of the financial services provider’s stock worth $612,000 after acquiring an additional 3,333 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $64.56 on Thursday. Wells Fargo & Company has a fifty-two week low of $38.58 and a fifty-two week high of $65.21. The company has a market capitalization of $225.08 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 1.46 and a beta of 1.16. The stock has a fifty day moving average of $57.20 and a two-hundred day moving average of $58.15. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.39 EPS. On average, analysts anticipate that Wells Fargo & Company will post 5.12 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s payout ratio is 32.85%.

Analysts Set New Price Targets

WFC has been the subject of several analyst reports. Piper Sandler upped their price target on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. BMO Capital Markets raised their target price on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and lowered their target price for the company from $62.00 to $59.00 in a report on Friday, August 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Finally, Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a report on Tuesday, October 8th. Thirteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus target price of $61.82.

Insider Buying and Selling

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the transaction, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the transaction, the executive vice president now owns 126,687 shares in the company, valued at approximately $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Wells Fargo & Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.