First Heartland Consultants Inc. Makes New Investment in Wells Fargo & Company (NYSE:WFC)

First Heartland Consultants Inc. bought a new position in Wells Fargo & Company (NYSE:WFC) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,477 shares of the financial services provider’s stock, valued at approximately $309,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of WFC. Mattson Financial Services LLC purchased a new stake in Wells Fargo & Company in the second quarter worth $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in Wells Fargo & Company in the second quarter worth $26,000. Valued Wealth Advisors LLC increased its stake in Wells Fargo & Company by 53.7% in the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 220 shares during the period. J.Safra Asset Management Corp increased its stake in Wells Fargo & Company by 704.3% in the first quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 648 shares during the period. Finally, Fairscale Capital LLC purchased a new stake in Wells Fargo & Company in the second quarter worth $47,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $72.79 on Thursday. 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 company has a market cap of $242.35 billion, a PE ratio of 15.13, a P/E/G ratio of 1.51 and a beta of 1.14. The business has a 50-day simple moving average of $60.15 and a two-hundred day simple moving average of $59.01. Wells Fargo & Company has a fifty-two week low of $41.46 and a fifty-two week high of $74.27.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate 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%. The company’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company earned $1.39 earnings per share. As a group, equities analysts expect that Wells Fargo & Company will post 5.42 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. Stockholders of record on Friday, November 8th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of recent research reports. Morgan Stanley dropped their price target on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research report on Monday, September 30th. Piper Sandler increased their price target 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. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and dropped their price target for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Finally, Compass Point increased their price target on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Thirteen 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $62.12.

Insider Transactions at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the firm’s 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 completion of the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Ather Williams III sold 60,000 shares of the firm’s 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 completion of the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction that occurred on Monday, October 14th. The shares were 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 owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.