Wells Fargo & Company (NYSE:WFC) Shares Bought by abrdn plc

abrdn plc raised its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,415,813 shares of the financial services provider’s stock after acquiring an additional 23,367 shares during the quarter. abrdn plc’s holdings in Wells Fargo & Company were worth $79,512,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in WFC. Dimensional Fund Advisors LP lifted its holdings in Wells Fargo & Company by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock valued at $1,178,591,000 after purchasing an additional 831,975 shares in the last quarter. 1832 Asset Management L.P. lifted its stake in shares of Wells Fargo & Company by 67.1% in the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after buying an additional 2,349,595 shares in the last quarter. First Pacific Advisors LP boosted its position in Wells Fargo & Company by 2.1% during the second quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider’s stock worth $313,500,000 after acquiring an additional 108,480 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in Wells Fargo & Company by 38.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock valued at $297,411,000 after acquiring an additional 1,415,647 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Wells Fargo & Company by 1.0% in the 1st quarter. Russell Investments Group Ltd. now owns 4,662,953 shares of the financial services provider’s stock valued at $270,035,000 after acquiring an additional 48,419 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research report on Tuesday, October 8th. The Goldman Sachs Group cut their target price on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their price target for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Compass Point upped their price objective on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a research note on Monday, October 14th. Thirteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.82.

Wells Fargo & Company Trading Down 0.5 %

Shares of WFC stock opened at $65.30 on Wednesday. Wells Fargo & Company has a fifty-two week low of $38.69 and a fifty-two week high of $66.00. The company has a 50 day moving average price of $57.96 and a 200 day moving average price of $58.39. The stock has a market capitalization of $222.27 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.28 by $0.14. The business had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.39 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 5.36 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Insider Activity

In related news, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $3,822,000.00. Following the completion of the sale, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at $10,421,957. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were 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 of the company’s stock, valued at $7,853,327.13. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

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.