Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in Wells Fargo & Company (NYSE:WFC)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 14.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,027,696 shares of the financial services provider’s stock after acquiring an additional 131,322 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Wells Fargo & Company were worth $58,055,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Canoe Financial LP purchased a new stake in Wells Fargo & Company in the third quarter valued at $160,529,000. Marshall Wace LLP lifted its holdings in shares of Wells Fargo & Company by 3,295.6% in the 2nd quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock valued at $138,493,000 after buying an additional 2,404,898 shares during the period. National Pension Service boosted its stake in shares of Wells Fargo & Company by 15.2% in the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after buying an additional 897,195 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Wells Fargo & Company by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock worth $1,178,591,000 after acquiring an additional 831,975 shares during the period. Finally, Bridges Investment Management Inc. raised its position in Wells Fargo & Company by 6,978.2% during the second quarter. Bridges Investment Management Inc. now owns 814,487 shares of the financial services provider’s stock valued at $48,372,000 after acquiring an additional 802,980 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Tuesday, September 3rd. Morgan Stanley cut their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Evercore ISI increased their target price on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Finally, Piper Sandler raised their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Thirteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $63.07.

Insider Activity at Wells Fargo & Company

In related 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 completion of the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction 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 transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 21.65 % 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.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $77.17 on Thursday. Wells Fargo & Company has a fifty-two week low of $42.79 and a fifty-two week high of $78.13. The company has a 50 day moving average price of $64.65 and a 200 day moving average price of $60.13. The stock has a market capitalization of $256.94 billion, a P/E ratio of 16.04, a PEG ratio of 1.60 and a beta of 1.14. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results 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 firm had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.39 EPS. Equities research analysts forecast that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm 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 2.07%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

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.