RIA Advisory Group LLC Takes Position in Wells Fargo & Company (NYSE:WFC)

RIA Advisory Group LLC acquired a new position in Wells Fargo & Company (NYSE:WFC) during the third quarter, HoldingsChannel reports. The institutional investor acquired 21,260 shares of the financial services provider’s stock, valued at approximately $1,201,000.

A number of other institutional investors have also recently made changes to their positions in the company. Tocqueville Asset Management L.P. lifted its holdings in Wells Fargo & Company by 13.3% during the 1st quarter. Tocqueville Asset Management L.P. now owns 11,061 shares of the financial services provider’s stock valued at $641,000 after buying an additional 1,295 shares in the last quarter. TIAA Trust National Association raised its position in shares of Wells Fargo & Company by 2.1% in the first quarter. TIAA Trust National Association now owns 90,515 shares of the financial services provider’s stock valued at $5,246,000 after buying an additional 1,846 shares during the last quarter. Patten & Patten Inc. TN grew its holdings in shares of Wells Fargo & Company by 8.8% in the first quarter. Patten & Patten Inc. TN now owns 6,189 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 500 shares during the period. Jacobi Capital Management LLC boosted its stake in Wells Fargo & Company by 33.6% during the first quarter. Jacobi Capital Management LLC now owns 17,954 shares of the financial services provider’s stock worth $1,041,000 after buying an additional 4,517 shares during the period. Finally, Catalytic Wealth RIA LLC purchased a new position in shares of Wells Fargo & Company in the first quarter valued at approximately $267,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Activity at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction 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 represents a 26.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Beurden Saul Van sold 35,000 shares of the 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 sale, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. The trade was a 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft upgraded 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 report on Tuesday, September 3rd. 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. The Goldman Sachs Group cut their target price on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Morgan Stanley cut 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. Finally, Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and dropped their price target for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Thirteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus target price of $62.12.

Wells Fargo & Company Trading Up 2.1 %

NYSE:WFC traded up $1.54 during mid-day trading on Friday, reaching $74.34. The company’s stock had a trading volume of 18,836,977 shares, compared to its average volume of 18,126,145. The stock has a market cap of $247.51 billion, a P/E ratio of 15.46, a P/E/G ratio of 1.52 and a beta of 1.14. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. Wells Fargo & Company has a twelve month low of $41.99 and a twelve month high of $74.41. The company’s fifty day simple moving average is $61.17 and its two-hundred day simple moving average is $59.30.

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, beating analysts’ consensus estimates 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 business earned $1.39 EPS. The business’s quarterly revenue was down 2.4% on a year-over-year basis. On average, equities analysts predict that Wells Fargo & Company will post 5.42 EPS 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. Investors 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 2.15%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

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.