Drive Wealth Management LLC Raises Holdings in Wells Fargo & Company (NYSE:WFC)

Drive Wealth Management LLC boosted its position in Wells Fargo & Company (NYSE:WFC) by 6.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,149 shares of the financial services provider’s stock after acquiring an additional 1,381 shares during the quarter. Drive Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,364,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Canoe Financial LP purchased a new stake in shares of Wells Fargo & Company during the 3rd quarter worth about $160,529,000. Marshall Wace LLP grew its stake in Wells Fargo & Company by 3,295.6% during the second quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock worth $138,493,000 after buying an additional 2,404,898 shares during the period. 1832 Asset Management L.P. raised its stake in shares of Wells Fargo & Company by 67.1% in the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock valued at $339,226,000 after acquiring an additional 2,349,595 shares during the period. Rokos Capital Management LLP lifted its holdings in shares of Wells Fargo & Company by 141.6% during the 1st quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock valued at $151,853,000 after acquiring an additional 1,536,152 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in Wells Fargo & Company by 38.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock worth $297,411,000 after purchasing an additional 1,415,647 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 2.1 %

Wells Fargo & Company stock opened at $74.34 on Monday. Wells Fargo & Company has a 52-week low of $41.99 and a 52-week high of $74.41. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $247.51 billion, a price-to-earnings ratio of 15.46, a PEG ratio of 1.55 and a beta of 1.14. The firm has a 50-day moving average price of $61.17 and a two-hundred day moving average price of $59.30.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) 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 business had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same period in the previous year, the firm posted $1.39 earnings per share. The business’s revenue was down 2.4% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 5.42 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.15%. Wells Fargo & Company’s payout ratio is 33.26%.

Analyst Upgrades and Downgrades

WFC has been the subject of several analyst reports. Morgan Stanley decreased their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. Piper Sandler upped their price target on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their price objective for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Evercore ISI upped 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. Finally, Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a report on Tuesday, October 8th. Thirteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $62.12.

Insider Activity

In other news, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction dated 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 owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 26.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company 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. This represents a 21.65 % decrease in their position. 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.