Drive Wealth Management LLC Has $1.36 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

Drive Wealth Management LLC boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 6.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 24,149 shares of the financial services provider’s stock after acquiring an additional 1,381 shares during the quarter. Drive Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,364,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Aviso Wealth Management lifted its stake in shares of Wells Fargo & Company by 47.8% in the 3rd quarter. Aviso Wealth Management now owns 16,595 shares of the financial services provider’s stock valued at $937,000 after purchasing an additional 5,368 shares during the last quarter. GLOBALT Investments LLC GA acquired a new stake in shares of Wells Fargo & Company in the third quarter worth about $5,764,000. Aljian Capital Management LLC bought a new stake in shares of Wells Fargo & Company during the 3rd quarter worth about $513,000. Claro Advisors LLC increased its holdings in shares of Wells Fargo & Company by 15.6% during the 3rd quarter. Claro Advisors LLC now owns 16,109 shares of the financial services provider’s stock valued at $910,000 after acquiring an additional 2,173 shares during the last quarter. Finally, Concord Asset Management LLC VA raised its stake in shares of Wells Fargo & Company by 3.8% in the 3rd quarter. Concord Asset Management LLC VA now owns 5,179 shares of the financial services provider’s stock valued at $293,000 after acquiring an additional 191 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $74.34 on Monday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The business’s fifty day moving average price is $61.17 and its two-hundred day moving average price is $59.30. Wells Fargo & Company has a fifty-two week low of $41.99 and a fifty-two week high of $74.41. The stock has a market capitalization of $247.51 billion, a price-to-earnings ratio of 15.46, a price-to-earnings-growth ratio of 1.55 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.39 EPS. As a group, analysts predict that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a research report on Monday, October 14th. Evercore ISI increased their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Tuesday, September 3rd. Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and cut their price target for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their price objective for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. Thirteen equities research 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.com, Wells Fargo & Company has a consensus rating of “Hold” and a consensus target price of $62.12.

Insider Transactions at Wells Fargo & Company

In other news, 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 in the company, valued at approximately $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ather Williams III sold 60,000 shares of the firm’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 of the company’s stock, valued at approximately $10,421,957. This trade represents a 26.83 % 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 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.