7,570 Shares in Wells Fargo & Company (NYSE:WFC) Acquired by Kestra Investment Management LLC

Kestra Investment Management LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,570 shares of the financial services provider’s stock, valued at approximately $428,000.

Several other large investors also recently bought and sold shares of WFC. Mattson Financial Services LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter worth about $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in Wells Fargo & Company during the 2nd quarter worth approximately $26,000. Truvestments Capital LLC acquired a new position in shares of Wells Fargo & Company in the 3rd quarter valued at approximately $29,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Wells Fargo & Company during the 3rd quarter valued at approximately $34,000. Finally, FSA Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company during the third quarter worth approximately $34,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 1.1 %

WFC stock opened at $75.32 on Tuesday. The stock has a market cap of $250.78 billion, a PE ratio of 15.66, a price-to-earnings-growth ratio of 1.59 and a beta of 1.16. The firm’s 50-day simple moving average is $65.48 and its 200 day simple moving average is $60.33. Wells Fargo & Company has a fifty-two week low of $44.41 and a fifty-two week high of $78.13. 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) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. Wells Fargo & Company’s revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.39 earnings per share. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s payout ratio is currently 33.26%.

Analysts Set New Price Targets

A number of research firms have commented on WFC. Evercore ISI increased their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their price target for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. The Goldman Sachs Group decreased their price target 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. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and cut their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Finally, Piper Sandler lifted their target price on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Thirteen equities research 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 stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $63.07.

Insiders Place Their Bets

In other news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction on 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 transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. This represents a 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

About Wells Fargo & Company

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.