Wells Fargo & Company (NYSE:WFC) Shares Bought by Pitcairn Co.

Pitcairn Co. boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 14.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,086 shares of the financial services provider’s stock after buying an additional 6,542 shares during the quarter. Pitcairn Co.’s holdings in Wells Fargo & Company were worth $2,942,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WFC. CreativeOne Wealth LLC raised its position in Wells Fargo & Company by 96.7% in the first quarter. CreativeOne Wealth LLC now owns 9,278 shares of the financial services provider’s stock worth $538,000 after acquiring an additional 4,560 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Wells Fargo & Company by 8.9% in the 1st quarter. Advisors Asset Management Inc. now owns 41,715 shares of the financial services provider’s stock worth $2,418,000 after purchasing an additional 3,418 shares in the last quarter. Steel Grove Capital Advisors LLC increased its stake in Wells Fargo & Company by 51.0% in the 1st quarter. Steel Grove Capital Advisors LLC now owns 7,402 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 2,500 shares in the last quarter. QVR LLC purchased a new position in Wells Fargo & Company in the 1st quarter worth about $236,000. Finally, Ascent Group LLC increased its stake in Wells Fargo & Company by 295.6% in the 1st quarter. Ascent Group LLC now owns 35,587 shares of the financial services provider’s stock worth $2,063,000 after purchasing an additional 26,591 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on WFC shares. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their price target for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. 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 note on Tuesday, October 8th. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and lowered their target price for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Finally, Morgan Stanley lowered their target price on 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. Thirteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $63.07.

Wells Fargo & Company Stock Up 1.5 %

WFC opened at $75.96 on Friday. The business has a 50 day moving average price of $63.28 and a 200 day moving average price of $59.81. Wells Fargo & Company has a twelve month low of $42.52 and a twelve month high of $76.08. 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 firm has a market cap of $252.91 billion, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 1.56 and a beta of 1.14.

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 the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. During the same period in the previous year, the company earned $1.39 EPS. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. Research analysts forecast that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be issued a $0.40 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.11%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 33.26%.

Insider Buying and Selling

In other news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the company’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 value of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This trade represents a 26.83 % 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.

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.