Fiduciary Trust Co Purchases 397 Shares of Wells Fargo & Company (NYSE:WFC)

Fiduciary Trust Co boosted its position in Wells Fargo & Company (NYSE:WFC) by 0.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 45,907 shares of the financial services provider’s stock after buying an additional 397 shares during the quarter. Fiduciary Trust Co’s holdings in Wells Fargo & Company were worth $2,593,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Cardinal Capital Management Inc. boosted its holdings in Wells Fargo & Company by 2.0% in the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after acquiring an additional 11,037 shares during the last quarter. Chartwell Investment Partners LLC boosted its holdings in Wells Fargo & Company by 16.4% in the third quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after acquiring an additional 18,717 shares during the last quarter. Argus Investors Counsel Inc. boosted its holdings in Wells Fargo & Company by 34.6% in the third quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock valued at $1,780,000 after acquiring an additional 8,107 shares during the last quarter. Mesirow Financial Investment Management Inc. boosted its holdings in Wells Fargo & Company by 111.1% during the third quarter. Mesirow Financial Investment Management Inc. now owns 34,464 shares of the financial services provider’s stock worth $1,947,000 after buying an additional 18,138 shares during the last quarter. Finally, Portfolio Design Labs LLC boosted its holdings in Wells Fargo & Company by 41.2% during the third quarter. Portfolio Design Labs LLC now owns 56,314 shares of the financial services provider’s stock worth $3,181,000 after buying an additional 16,428 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 0.2 %

WFC stock opened at $77.21 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $257.07 billion, a PE ratio of 16.05, a PEG ratio of 1.61 and a beta of 1.14. Wells Fargo & Company has a 1-year low of $42.79 and a 1-year high of $78.13. The business’s 50 day simple moving average is $65.08 and its 200 day simple moving average is $60.25.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $20.37 billion for the quarter, compared to analyst estimates 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 previous year, the firm earned $1.39 EPS. As a group, research analysts anticipate that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be paid a $0.40 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.07%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Insider Activity at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the company’s 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 completion of the sale, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 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 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on WFC. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and reduced their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Morgan Stanley reduced their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Tuesday, September 3rd. Compass Point raised their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Piper Sandler raised their target price on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Thirteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $63.07.

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.