CWA Asset Management Group LLC Boosts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

CWA Asset Management Group LLC lifted its holdings in Wells Fargo & Company (NYSE:WFC) by 19.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 48,510 shares of the financial services provider’s stock after purchasing an additional 7,791 shares during the period. CWA Asset Management Group LLC’s holdings in Wells Fargo & Company were worth $3,407,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Synovus Financial Corp raised its stake in Wells Fargo & Company by 32.2% in the third quarter. Synovus Financial Corp now owns 99,049 shares of the financial services provider’s stock worth $5,595,000 after buying an additional 24,126 shares in the last quarter. Cardinal Capital Management Inc. increased 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 acquiring an additional 11,037 shares during the period. Rockefeller Capital Management L.P. raised its position in shares of Wells Fargo & Company by 37.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after acquiring an additional 173,083 shares in the last quarter. Atlantic Union Bankshares Corp lifted its stake in shares of Wells Fargo & Company by 17.4% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock worth $10,031,000 after purchasing an additional 26,320 shares during the last quarter. Finally, Chartwell Investment Partners LLC boosted its position in Wells Fargo & Company by 16.4% during 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 purchasing an additional 18,717 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $72.00 on Tuesday. The firm’s fifty day moving average is $71.64 and its two-hundred day moving average is $62.60. The firm has a market cap of $239.72 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 1.47 and a beta of 1.18. 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 has a one year low of $46.12 and a one year high of $78.13.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating 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 company had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. During the same period last year, the business earned $1.39 earnings per share. Wells Fargo & Company’s quarterly revenue was down 2.4% on a year-over-year basis. Research analysts expect that Wells Fargo & Company will post 5.43 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Analyst Ratings Changes

Several research firms have commented on WFC. Piper Sandler increased their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Morgan Stanley decreased their target price on shares of 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. Wolfe Research upgraded shares of 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. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a research report on Monday, October 14th. Finally, Compass Point raised their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Thirteen analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $68.63.

Insider Activity at Wells Fargo & Company

In related news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This represents a 21.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 approximately $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Wells Fargo & 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.