Wells Fargo & Company (NYSE:WFC) Shares Bought by Intech Investment Management LLC

Intech Investment Management LLC boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 33.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,555 shares of the financial services provider’s stock after purchasing an additional 34,068 shares during the period. Intech Investment Management LLC’s holdings in Wells Fargo & Company were worth $7,658,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. CreativeOne Wealth LLC lifted its position in shares of Wells Fargo & Company by 96.7% in the 1st quarter. CreativeOne Wealth LLC now owns 9,278 shares of the financial services provider’s stock worth $538,000 after buying an additional 4,560 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Wells Fargo & Company by 8.9% during the first 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 during the period. LRI Investments LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth about $449,000. Steel Grove Capital Advisors LLC raised its holdings in shares of Wells Fargo & Company by 51.0% during the first quarter. Steel Grove Capital Advisors LLC now owns 7,402 shares of the financial services provider’s stock valued at $429,000 after acquiring an additional 2,500 shares during the period. Finally, QVR LLC acquired a new stake in Wells Fargo & Company during the 1st quarter valued at $236,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 1.7 %

Shares of WFC stock opened at $74.83 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The stock has a market cap of $249.15 billion, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 1.53 and a beta of 1.14. The stock has a 50 day simple moving average of $62.81 and a 200 day simple moving average of $59.70. Wells Fargo & Company has a 1 year low of $42.40 and a 1 year high of $76.04.

Wells Fargo & Company (NYSE:WFC) last released 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 analysts’ expectations of $20.40 billion. During the same period in the prior year, the company earned $1.39 earnings per share. The company’s quarterly revenue was down 2.4% on a year-over-year basis. On average, research analysts predict that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.14%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s payout ratio is presently 33.26%.

Insider Activity

In related news, EVP Ather Williams III sold 60,000 shares of the 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 sale, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. This represents a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction 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 completion of the sale, the executive vice president now 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. 0.08% of the stock is owned by corporate insiders.

Analyst Ratings Changes

WFC has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Tuesday, September 3rd. Compass Point increased their price objective on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Citigroup increased their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their target price for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Finally, Piper Sandler raised their target price 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 research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $63.07.

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.