Lowe Brockenbrough & Co. Inc. Increases Position in Wells Fargo & Company (NYSE:WFC)

Lowe Brockenbrough & Co. Inc. grew its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 57,035 shares of the financial services provider’s stock after purchasing an additional 402 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in Wells Fargo & Company were worth $3,222,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in WFC. Mattson Financial Services LLC bought a new position in Wells Fargo & Company during the 2nd quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Wells Fargo & Company during the second quarter valued at $26,000. Valued Wealth Advisors LLC raised its position in shares of Wells Fargo & Company by 53.7% in the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 220 shares during the last quarter. J.Safra Asset Management Corp boosted its stake in Wells Fargo & Company by 704.3% in the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 648 shares in the last quarter. Finally, Fairscale Capital LLC purchased a new stake in Wells Fargo & Company during the 2nd quarter valued at about $47,000. 75.90% of the stock is owned by institutional investors.

Insider Activity

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 value of $3,822,000.00. Following the completion of the sale, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Beurden Saul Van sold 35,000 shares of the business’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 transaction, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $3,822,000.00. Following the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Wells Fargo & Company Stock Down 0.4 %

Shares of WFC stock opened at $64.68 on Friday. The company has a 50 day simple moving average of $58.50 and a two-hundred day simple moving average of $58.54. The stock has a market cap of $220.16 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.48 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $39.39 and a 12 month high of $66.39. 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 posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company’s revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.39 EPS. On average, research analysts expect that Wells Fargo & Company will post 5.36 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business 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 2.47%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 33.26%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on WFC shares. Morgan Stanley dropped their target price 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. Piper Sandler boosted their price objective on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. BMO Capital Markets increased their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Tuesday, September 3rd. Finally, 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 research report on Tuesday, October 15th. Thirteen research 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $62.12.

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.