Concentric Capital Strategies LP Acquires 6,622 Shares of Wells Fargo & Company (NYSE:WFC)

Concentric Capital Strategies LP boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 74.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,529 shares of the financial services provider’s stock after purchasing an additional 6,622 shares during the period. Concentric Capital Strategies LP’s holdings in Wells Fargo & Company were worth $877,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. Ascent Group LLC grew its holdings in shares of Wells Fargo & Company by 33.6% in the 3rd quarter. Ascent Group LLC now owns 52,035 shares of the financial services provider’s stock valued at $2,939,000 after acquiring an additional 13,101 shares in the last quarter. Benjamin Edwards Inc. grew its stake in Wells Fargo & Company by 320.1% in the third quarter. Benjamin Edwards Inc. now owns 57,459 shares of the financial services provider’s stock valued at $3,246,000 after purchasing an additional 43,782 shares in the last quarter. Basswood Capital Management L.L.C. increased its position in shares of Wells Fargo & Company by 29.3% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 684,083 shares of the financial services provider’s stock worth $38,644,000 after purchasing an additional 155,098 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Wells Fargo & Company by 10.2% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 189,106 shares of the financial services provider’s stock worth $10,683,000 after purchasing an additional 17,572 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at approximately $428,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on WFC. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their target price for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Evercore ISI raised their target price 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. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research report on Monday, October 14th. Finally, Compass Point lifted their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Thirteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus target price of $63.07.

Insider Buying and Selling

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 value of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction 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 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $75.32 on Tuesday. The company has a market cap of $250.78 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 1.59 and a beta of 1.16. 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 debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a fifty day moving average price of $65.48 and a 200-day moving average price of $60.33.

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, beating analysts’ consensus estimates 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 return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.39 earnings per share. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Wells Fargo & Company 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.