Golden State Equity Partners boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 98.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,998 shares of the financial services provider's stock after acquiring an additional 30,316 shares during the quarter. Golden State Equity Partners' holdings in Wells Fargo & Company were worth $2,492,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Studio Investment Management LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $28,000. Strategic Investment Solutions Inc. IL acquired a new position in Wells Fargo & Company in the first quarter valued at about $28,000. Financial Connections Group Inc. grew its stake in Wells Fargo & Company by 288.0% during the second quarter. Financial Connections Group Inc. now owns 741 shares of the financial services provider's stock worth $31,000 after buying an additional 550 shares during the last quarter. Impact Partnership Wealth LLC acquired a new stake in shares of Wells Fargo & Company during the third quarter worth approximately $34,000. Finally, Central Bank & Trust Co. raised its stake in shares of Wells Fargo & Company by 444.8% in the third quarter. Central Bank & Trust Co. now owns 899 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 734 shares during the last quarter. Institutional investors and hedge funds own 72.47% of the company's stock.
Wells Fargo & Company Trading Down 0.5 %
Shares of NYSE WFC traded down $0.26 during midday trading on Friday, reaching $49.22. 11,733,578 shares of the stock were exchanged, compared to its average volume of 18,555,124. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.87 and a quick ratio of 0.87. Wells Fargo & Company has a 12 month low of $35.25 and a 12 month high of $50.77. The business has a 50-day simple moving average of $44.16 and a two-hundred day simple moving average of $43.05. The company has a market capitalization of $178.75 billion, a price-to-earnings ratio of 10.63, a P/E/G ratio of 0.97 and a beta of 1.18.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, October 13th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $0.15. Wells Fargo & Company had a return on equity of 11.18% and a net margin of 17.06%. The firm had revenue of $20.86 billion during the quarter, compared to analysts' expectations of $20.09 billion. During the same period in the previous year, the firm earned $1.30 earnings per share. The company's revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts expect that Wells Fargo & Company will post 4.98 EPS for the current year.
Wells Fargo & Company Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 3rd were given a $0.35 dividend. The ex-dividend date was Thursday, November 2nd. This represents a $1.40 annualized dividend and a yield of 2.84%. Wells Fargo & Company's dividend payout ratio is currently 30.24%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on WFC shares. Jefferies Financial Group decreased their price target on Wells Fargo & Company from $48.00 to $43.00 in a research report on Tuesday, October 10th. The Goldman Sachs Group raised their target price on Wells Fargo & Company from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Friday, December 1st. Odeon Capital Group upgraded shares of Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $56.08 price target on the stock in a research report on Thursday, December 14th. StockNews.com assumed coverage on shares of Wells Fargo & Company in a research report on Thursday, October 5th. They issued a "hold" rating for the company. Finally, UBS Group increased their price target on shares of Wells Fargo & Company from $51.00 to $53.00 in a research note on Thursday, October 12th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.56.
Check Out Our Latest Research Report on WFC
Insider Activity at Wells Fargo & Company
In other news, Director Richard K. Davis purchased 3,500 shares of the company's stock in a transaction on Thursday, November 9th. The shares were purchased at an average price of $41.22 per share, with a total value of $144,270.00. Following the purchase, the director now directly owns 4,244 shares of the company's stock, valued at approximately $174,937.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.07% of the stock is currently owned by insiders.
About Wells Fargo & Company
(
Free Report)
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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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).
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