National Pension Service Purchases 897,195 Shares of Wells Fargo & Company (NYSE:WFC)

National Pension Service lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 15.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,789,371 shares of the financial services provider’s stock after acquiring an additional 897,195 shares during the period. National Pension Service owned approximately 0.20% of Wells Fargo & Company worth $383,532,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Cohen Capital Management Inc. lifted its holdings in shares of Wells Fargo & Company by 29.3% during the third quarter. Cohen Capital Management Inc. now owns 14,156 shares of the financial services provider’s stock valued at $800,000 after purchasing an additional 3,210 shares in the last quarter. Intact Investment Management Inc. lifted its stake in Wells Fargo & Company by 8.8% during the 3rd quarter. Intact Investment Management Inc. now owns 180,150 shares of the financial services provider’s stock valued at $10,177,000 after acquiring an additional 14,500 shares during the period. KG&L Capital Management LLC boosted its holdings in shares of Wells Fargo & Company by 141.6% during the 3rd quarter. KG&L Capital Management LLC now owns 27,334 shares of the financial services provider’s stock valued at $1,479,000 after acquiring an additional 16,019 shares during the last quarter. Nvwm LLC grew its stake in shares of Wells Fargo & Company by 4.8% in the third quarter. Nvwm LLC now owns 30,422 shares of the financial services provider’s stock worth $1,719,000 after acquiring an additional 1,391 shares during the period. Finally, GFS Advisors LLC raised its holdings in shares of Wells Fargo & Company by 1,137.0% during the third quarter. GFS Advisors LLC now owns 4,948 shares of the financial services provider’s stock valued at $280,000 after purchasing an additional 4,548 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Down 1.4 %

Shares of WFC opened at $63.80 on Monday. The firm has a market cap of $217.16 billion, a P/E ratio of 13.45, a price-to-earnings-growth ratio of 1.46 and a beta of 1.14. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. Wells Fargo & Company has a 1 year low of $40.27 and a 1 year high of $66.39. The company has a 50 day simple moving average of $58.50 and a two-hundred day simple moving average of $58.56.

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, beating the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 2.4% on a year-over-year basis. During the same period last year, the company posted $1.39 earnings per share. On average, equities analysts expect that Wells Fargo & Company will post 5.36 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 33.26%.

Analyst Ratings Changes

A number of brokerages have weighed in on WFC. Compass Point boosted their target price 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. Piper Sandler boosted their price target on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research report on Tuesday, September 3rd. Finally, Wolfe Research upgraded shares of 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. Thirteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $62.12.

Insider Activity

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were 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 owns 163,610 shares in the company, valued at $10,421,957. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. The trade was a 0.00 % decrease in their ownership of the stock. 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 stock in a transaction that occurred 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 owns 126,687 shares in the company, valued at approximately $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

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.