Narwhal Capital Management Has $311,000 Stock Position in Wells Fargo & Company (NYSE:WFC)

Narwhal Capital Management lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 3.5% 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 5,510 shares of the financial services provider’s stock after selling 200 shares during the period. Narwhal Capital Management’s holdings in Wells Fargo & Company were worth $311,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of WFC. Cardinal Capital Management Inc. grew its stake 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 purchasing an additional 11,037 shares in the last quarter. Argus Investors Counsel Inc. grew its stake in shares of 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 buying an additional 8,107 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Wells Fargo & Company by 28.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock worth $27,441,000 after buying an additional 106,260 shares during the last quarter. FORVIS Wealth Advisors LLC raised its position in Wells Fargo & Company by 154.2% during the first quarter. FORVIS Wealth Advisors LLC now owns 27,222 shares of the financial services provider’s stock worth $1,578,000 after acquiring an additional 16,515 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its stake in Wells Fargo & Company by 40.0% in the second quarter. EP Wealth Advisors LLC now owns 179,282 shares of the financial services provider’s stock valued at $10,648,000 after acquiring an additional 51,234 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WFC. Morgan Stanley lowered their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. BMO Capital Markets upped their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a research note on Tuesday, October 8th. Compass Point raised their price target on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Finally, Piper Sandler increased their price objective on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $61.82.

Wells Fargo & Company Stock Up 1.2 %

WFC stock opened at $64.81 on Wednesday. Wells Fargo & Company has a 52 week low of $38.58 and a 52 week high of $65.21. The business has a 50-day simple moving average of $56.98 and a 200 day simple moving average of $58.11. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The company has a market cap of $225.95 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its 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. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. During the same period last year, the firm earned $1.39 EPS. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. Sell-side analysts anticipate that Wells Fargo & Company will post 5.12 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.47%. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

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 value of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were 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 in the company, valued at $7,853,327.13. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

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.