Montecito Bank & Trust Purchases Shares of 10,330 Wells Fargo & Company $WFC

Montecito Bank & Trust acquired a new position in Wells Fargo & Company (NYSE:WFC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 10,330 shares of the financial services provider’s stock, valued at approximately $866,000.

Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after purchasing an additional 25,436 shares during the period. Aptus Capital Advisors LLC lifted its stake in shares of Wells Fargo & Company by 10.0% during the 1st quarter. Aptus Capital Advisors LLC now owns 31,566 shares of the financial services provider’s stock valued at $2,266,000 after buying an additional 2,881 shares in the last quarter. PGIM Custom Harvest LLC boosted its holdings in Wells Fargo & Company by 3.5% in the 1st quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider’s stock worth $303,000 after buying an additional 142 shares during the period. Elevate Wealth Advisory Inc. bought a new position in Wells Fargo & Company in the 1st quarter worth $1,074,000. Finally, Summit Financial LLC increased its stake in Wells Fargo & Company by 4.8% in the 1st quarter. Summit Financial LLC now owns 25,194 shares of the financial services provider’s stock worth $1,809,000 after buying an additional 1,165 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WFC. Cfra Research upgraded Wells Fargo & Company to a “moderate buy” rating in a research report on Wednesday, October 15th. TD Cowen upped their price target on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Wednesday, October 15th. Keefe, Bruyette & Woods increased their price objective on shares of Wells Fargo & Company from $92.00 to $101.00 and gave the company a “market perform” rating in a report on Wednesday. Barclays lifted their price objective on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Finally, Citigroup upped their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $92.04.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $91.42 on Friday. The company’s 50-day moving average price is $86.47 and its 200-day moving average price is $82.19. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $94.26. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The company has a market cap of $286.97 billion, a PE ratio of 15.04, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.18. The firm had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.42 EPS. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 7th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, November 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.61%.

Wells Fargo & Company Company Profile

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.