Hollencrest Capital Management Acquires 440 Shares of Wells Fargo & Company (NYSE:WFC)

Hollencrest Capital Management grew its holdings in Wells Fargo & Company (NYSE:WFC) by 30.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,897 shares of the financial services provider’s stock after purchasing an additional 440 shares during the quarter. Hollencrest Capital Management’s holdings in Wells Fargo & Company were worth $107,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in Wells Fargo & Company by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock worth $1,178,591,000 after buying an additional 831,975 shares in the last quarter. National Pension Service raised its position in shares of Wells Fargo & Company by 15.2% in the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after acquiring an additional 897,195 shares in the last quarter. 1832 Asset Management L.P. lifted its stake in shares of Wells Fargo & Company by 67.1% during the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after purchasing an additional 2,349,595 shares during the last quarter. First Pacific Advisors LP boosted its position in Wells Fargo & Company by 2.1% during the second quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider’s stock valued at $313,500,000 after purchasing an additional 108,480 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Wells Fargo & Company by 38.1% in the first quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock valued at $297,411,000 after purchasing an additional 1,415,647 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on WFC shares. The Goldman Sachs Group cut their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Morgan Stanley cut their price target on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Piper Sandler increased their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Compass Point boosted their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Finally, Wolfe Research raised 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 equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $62.12.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $70.05 on Friday. Wells Fargo & Company has a 52-week low of $40.27 and a 52-week high of $74.27. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The stock has a market cap of $233.23 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 1.63 and a beta of 1.14. The business has a 50-day simple moving average of $59.59 and a 200-day simple moving average of $58.86.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The company had revenue of $20.37 billion during the quarter, compared to the consensus estimate 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 for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 earnings per share. On average, equities analysts expect that Wells Fargo & Company will post 5.39 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Insider Activity at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 126,687 shares in the company, valued at approximately $7,853,327.13. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company 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 in the company, valued at $7,853,327.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

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.