Tradition Wealth Management LLC lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.0% during the third quarter, Holdings Channel reports. The fund owned 30,453 shares of the financial services provider’s stock after selling 941 shares during the quarter. Tradition Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,720,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of WFC. Cardinal Capital Management Inc. boosted its holdings in shares of Wells Fargo & Company by 2.0% during the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock worth $32,505,000 after purchasing an additional 11,037 shares during the last quarter. Atlantic Union Bankshares Corp boosted its stake in Wells Fargo & Company by 17.4% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock worth $10,031,000 after buying an additional 26,320 shares during the last quarter. Chartwell Investment Partners LLC grew its holdings in Wells Fargo & Company by 16.4% in the 3rd quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after buying an additional 18,717 shares during the period. Argus Investors Counsel Inc. increased its stake in shares of Wells Fargo & Company by 34.6% during the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock valued at $1,780,000 after acquiring an additional 8,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Wells Fargo & Company by 14.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,027,696 shares of the financial services provider’s stock worth $58,055,000 after acquiring an additional 131,322 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on the stock. Citigroup raised their target price on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group decreased their price target on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and dropped their price objective for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Tuesday, September 3rd. Finally, Evercore ISI boosted their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Thirteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus price target of $63.07.
Insider Buying and Selling
In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction on 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 completion of the transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This trade represents a 21.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at $10,421,957. This represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.
Wells Fargo & Company Price Performance
Shares of NYSE WFC opened at $76.17 on Friday. The business has a 50 day moving average price of $65.48 and a two-hundred day moving average price of $60.35. Wells Fargo & Company has a fifty-two week low of $43.48 and a fifty-two week high of $78.13. The firm has a market cap of $253.61 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 1.59 and a beta of 1.14. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last posted its quarterly earnings results 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. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The business had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same period last year, the firm earned $1.39 earnings per share. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. Sell-side analysts expect that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.
Wells Fargo & Company Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.
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.
Further Reading
- Five stocks we like better than Wells Fargo & Company
- What is a SEC Filing?
- ServiceNow: Will the High-Flyer Finally Split in 2024?
- Why Are Stock Sectors Important to Successful Investing?
- MarketBeat Week in Review – 11/25 – 11/29
- Top Biotech Stocks: Exploring Innovation Opportunities
- These 3 Stocks Are Heavy Hitters in Alternative Asset Management
Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC – Free Report).
Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.