Turtle Creek Wealth Advisors LLC Grows Holdings in Wells Fargo & Company (NYSE:WFC)

Turtle Creek Wealth Advisors LLC lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 18.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 6,123 shares of the financial services provider’s stock after purchasing an additional 935 shares during the period. Turtle Creek Wealth Advisors LLC’s holdings in Wells Fargo & Company were worth $346,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Tocqueville Asset Management L.P. lifted its position in shares of Wells Fargo & Company by 13.3% during the 1st quarter. Tocqueville Asset Management L.P. now owns 11,061 shares of the financial services provider’s stock valued at $641,000 after buying an additional 1,295 shares in the last quarter. TIAA Trust National Association lifted its stake in Wells Fargo & Company by 2.1% in the 1st quarter. TIAA Trust National Association now owns 90,515 shares of the financial services provider’s stock valued at $5,246,000 after buying an additional 1,846 shares in the last quarter. Patten & Patten Inc. TN boosted its holdings in Wells Fargo & Company by 8.8% in the 1st quarter. Patten & Patten Inc. TN now owns 6,189 shares of the financial services provider’s stock worth $359,000 after buying an additional 500 shares during the last quarter. Jacobi Capital Management LLC increased its position in shares of Wells Fargo & Company by 33.6% during the first quarter. Jacobi Capital Management LLC now owns 17,954 shares of the financial services provider’s stock worth $1,041,000 after purchasing an additional 4,517 shares in the last quarter. Finally, Catalytic Wealth RIA LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth approximately $267,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 2.1 %

WFC traded up $1.54 on Friday, reaching $74.34. The company’s stock had a trading volume of 18,836,977 shares, compared to its average volume of 18,126,145. The company has a market capitalization of $247.51 billion, a price-to-earnings ratio of 15.46, a P/E/G ratio of 1.52 and a beta of 1.14. Wells Fargo & Company has a fifty-two week low of $41.99 and a fifty-two week high of $74.41. 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 50 day moving average of $61.17 and a two-hundred day moving average of $59.30.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter in the prior year, the business posted $1.39 EPS. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, analysts forecast that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 33.26%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Evercore ISI upped their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a research note on Monday, October 14th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research note on Tuesday, October 8th. Finally, Compass Point raised their price target on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.12.

Insider Activity

In related news, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction 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 owns 163,610 shares in the company, valued at $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 is available through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the sale, 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 disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

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.