Wedge Capital Management L L P NC raised its stake in Wells Fargo & Company (NYSE:WFC) by 11.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 878,115 shares of the financial services provider's stock after acquiring an additional 91,285 shares during the period. Wells Fargo & Company makes up 0.7% of Wedge Capital Management L L P NC's portfolio, making the stock its 29th largest holding. Wedge Capital Management L L P NC's holdings in Wells Fargo & Company were worth $35,880,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently bought and sold shares of WFC. Barrett & Company Inc. bought a new stake in Wells Fargo & Company during the first quarter worth approximately $25,000. Studio Investment Management LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $28,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Wells Fargo & Company in the 1st quarter valued at approximately $28,000. Financial Connections Group Inc. lifted its stake in shares of Wells Fargo & Company by 288.0% in the 2nd quarter. Financial Connections Group Inc. now owns 741 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 550 shares during the last quarter. Finally, Central Bank & Trust Co. lifted its stake in shares of Wells Fargo & Company by 444.8% in the 3rd quarter. Central Bank & Trust Co. now owns 899 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 734 shares during the last quarter. 72.47% of the stock is currently owned by institutional investors.
Wells Fargo & Company Trading Down 1.5 %
Shares of NYSE:WFC opened at $49.34 on Thursday. Wells Fargo & Company has a 12-month low of $35.25 and a 12-month high of $50.77. The business's fifty day simple moving average is $42.99 and its 200-day simple moving average is $42.69. The company has a market capitalization of $179.19 billion, a PE ratio of 10.66, a P/E/G ratio of 0.97 and a beta of 1.18. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.17.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly 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 business had revenue of $20.86 billion for the quarter, compared to the consensus estimate of $20.09 billion. During the same period last year, the business posted $1.30 EPS. The business's revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts predict that Wells Fargo & Company will post 5.04 earnings per share for the current fiscal year.
Wells Fargo & Company Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 3rd were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, November 2nd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.84%. Wells Fargo & Company's payout ratio is 30.24%.
Analyst Upgrades and Downgrades
WFC has been the subject of several analyst reports. Raymond James raised their price objective on Wells Fargo & Company from $52.00 to $55.00 and gave the company a "strong-buy" rating in a research note on Wednesday, December 6th. Jefferies Financial Group reduced their price target on Wells Fargo & Company from $48.00 to $43.00 in a report on Tuesday, October 10th. UBS Group increased their price target on Wells Fargo & Company from $51.00 to $53.00 in a report on Thursday, October 12th. Piper Sandler increased their price target on Wells Fargo & Company from $45.00 to $47.00 and gave the stock a "neutral" rating in a report on Friday, December 8th. Finally, The Goldman Sachs Group increased their price target on Wells Fargo & Company from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, December 1st. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $49.56.
Get Our Latest Report on WFC
Insider Transactions at Wells Fargo & Company
In other Wells Fargo & Company news, Director Richard K. Davis acquired 3,500 shares of the stock in a transaction dated Thursday, November 9th. The stock was purchased at an average price of $41.22 per share, with a total value of $144,270.00. Following the transaction, the director now directly owns 4,244 shares of the company's stock, valued at $174,937.68. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.07% of the company's stock.
Wells Fargo & Company Profile
(
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.
Featured Articles
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).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Wells Fargo & Company, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Wells Fargo & Company wasn't on the list.
While Wells Fargo & Company currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering when you'll finally be able to invest in SpaceX, StarLink or The Boring Company? Click the link below to learn when Elon Musk will let these companies finally IPO.
Get This Free Report
