Modus Advisors LLC Makes New Investment in Wells Fargo & Company (NYSE:WFC)

Modus Advisors LLC bought a new stake in Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 432 shares of the financial services provider’s stock, valued at approximately $30,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Synovus Financial Corp boosted its holdings in Wells Fargo & Company by 32.2% in the 3rd quarter. Synovus Financial Corp now owns 99,049 shares of the financial services provider’s stock valued at $5,595,000 after purchasing an additional 24,126 shares in the last quarter. Cardinal Capital Management Inc. lifted its holdings in shares of Wells Fargo & Company by 2.0% in the 3rd quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after buying an additional 11,037 shares during the period. Rockefeller Capital Management L.P. boosted its stake in shares of Wells Fargo & Company by 37.2% in the third quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock valued at $36,055,000 after buying an additional 173,083 shares in the last quarter. Atlantic Union Bankshares Corp grew its holdings in Wells Fargo & Company by 17.4% during the third quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock worth $10,031,000 after acquiring an additional 26,320 shares during the period. Finally, Chartwell Investment Partners LLC lifted its holdings in Wells Fargo & Company by 16.4% in the third quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after acquiring an additional 18,717 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on WFC shares. Keefe, Bruyette & Woods upped their price target on shares of Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a research note on Tuesday, December 3rd. UBS Group increased their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. Evercore ISI boosted their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research report on Tuesday, October 8th. Thirteen investment 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, Wells Fargo & Company has a consensus rating of “Hold” and a consensus price target of $67.57.

Insider Transactions at Wells Fargo & Company

In related news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction that occurred on 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the transaction, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. This trade represents 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

Wells Fargo & Company stock opened at $71.31 on Friday. The stock has a fifty day moving average price of $71.38 and a 200 day moving average price of $62.37. Wells Fargo & Company has a 52 week low of $46.12 and a 52 week high of $78.13. The firm has a market capitalization of $237.43 billion, a P/E ratio of 14.83, a PEG ratio of 1.47 and a beta of 1.16. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC) last released 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 net margin of 14.43% and a return on equity of 12.25%. The business had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. During the same period last year, the company earned $1.39 earnings per share. The company’s quarterly revenue was down 2.4% on a year-over-year basis. Equities research analysts anticipate that Wells Fargo & Company will post 5.43 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.24%. Wells Fargo & Company’s dividend payout ratio is presently 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.