Brooklyn Investment Group raised its holdings in Wells Fargo & Company (NYSE:WFC – Free Report) by 8.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,218 shares of the financial services provider’s stock after purchasing an additional 1,776 shares during the quarter. Brooklyn Investment Group’s holdings in Wells Fargo & Company were worth $1,255,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Quantbot Technologies LP acquired a new stake in Wells Fargo & Company during the third quarter valued at $10,099,000. Capital Square LLC boosted its stake in shares of Wells Fargo & Company by 4.1% during the 3rd quarter. Capital Square LLC now owns 4,577 shares of the financial services provider’s stock worth $259,000 after acquiring an additional 179 shares in the last quarter. Acorn Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the 3rd quarter worth about $240,000. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company during the 3rd quarter valued at about $29,000. Finally, Concentric Wealth Management LLC increased its stake in shares of Wells Fargo & Company by 0.3% in the 3rd quarter. Concentric Wealth Management LLC now owns 93,045 shares of the financial services provider’s stock valued at $5,256,000 after purchasing an additional 292 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was 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 directly owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 26.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the sale, the executive vice president now owns 126,687 shares in the company, valued at approximately $7,853,327.13. This trade represents a 21.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.
Wells Fargo & Company Trading Up 1.4 %
Wells Fargo & Company (NYSE:WFC – Get Free Report) last released 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. The company had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm’s revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.39 earnings per share. On average, analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.
Wells Fargo & Company Dividend Announcement
The company also recently announced 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 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.
Analysts Set New Price Targets
Several analysts have commented on the company. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a report on Tuesday, October 8th. Compass Point lifted their price target on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Tuesday, September 3rd. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and dropped their target price for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Finally, Evercore ISI boosted their target price on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Thirteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus target price of $63.07.
Get Our Latest Stock Analysis on Wells Fargo & Company
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.
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