Pitcairn Co. Purchases 6,542 Shares of Wells Fargo & Company (NYSE:WFC)

Pitcairn Co. increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 14.4% during the third quarter, HoldingsChannel.com reports. The firm owned 52,086 shares of the financial services provider’s stock after buying an additional 6,542 shares during the period. Pitcairn Co.’s holdings in Wells Fargo & Company were worth $2,942,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Algert Global LLC bought a new stake in shares of Wells Fargo & Company during the third quarter valued at approximately $3,981,000. Great Valley Advisor Group Inc. grew its position in Wells Fargo & Company by 2.1% in the third quarter. Great Valley Advisor Group Inc. now owns 23,205 shares of the financial services provider’s stock valued at $1,311,000 after acquiring an additional 487 shares during the period. Nicolet Advisory Services LLC grew its position in Wells Fargo & Company by 4.7% in the third quarter. Nicolet Advisory Services LLC now owns 32,472 shares of the financial services provider’s stock valued at $1,785,000 after acquiring an additional 1,460 shares during the period. Stonebrook Private Inc. bought a new stake in Wells Fargo & Company in the third quarter valued at $214,000. Finally, Nwam LLC bought a new stake in Wells Fargo & Company in the third quarter valued at $309,000. 75.90% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company news, 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 transaction, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This represents a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the 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 directly owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 21.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Evercore ISI upped their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. Citigroup upped their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday. Piper Sandler upped their price target on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada reiterated 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. Thirteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $63.07.

Wells Fargo & Company Trading Up 1.5 %

Shares of WFC opened at $75.96 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 12-month low of $42.52 and a 12-month high of $76.08. The firm has a market capitalization of $252.91 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 1.56 and a beta of 1.14. The stock’s fifty day simple moving average is $63.28 and its 200-day simple moving average is $59.81.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly 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 return on equity of 12.25% and a net margin of 14.43%. The business had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. During the same quarter in the prior year, the firm posted $1.39 earnings per share. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 5.42 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.11%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

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.