Park Avenue Securities LLC lifted its position in Wells Fargo & Company (NYSE:WFC – Get Rating) by 31.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,109 shares of the financial services provider’s stock after purchasing an additional 10,715 shares during the quarter. Park Avenue Securities LLC’s holdings in Wells Fargo & Company were worth $1,814,000 at the end of the most recent reporting period.
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Several other large investors have also recently made changes to their positions in the company. Ropes Wealth Advisors LLC bought a new stake in Wells Fargo & Company during the third quarter worth approximately $220,000. Financial Counselors Inc. increased its stake in Wells Fargo & Company by 6.1% during the third quarter. Financial Counselors Inc. now owns 20,478 shares of the financial services provider’s stock worth $824,000 after acquiring an additional 1,176 shares during the last quarter. Assetmark Inc. increased its stake in Wells Fargo & Company by 55.8% during the third quarter. Assetmark Inc. now owns 177,886 shares of the financial services provider’s stock worth $7,155,000 after acquiring an additional 63,720 shares during the last quarter. Atria Investments LLC increased its stake in Wells Fargo & Company by 23.1% during the third quarter. Atria Investments LLC now owns 167,005 shares of the financial services provider’s stock worth $6,717,000 after acquiring an additional 31,299 shares during the last quarter. Finally, Benchmark Financial Wealth Advisors LLC increased its stake in Wells Fargo & Company by 6.8% during the third quarter. Benchmark Financial Wealth Advisors LLC now owns 6,922 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 441 shares during the last quarter. 72.24% of the stock is owned by institutional investors.
Wells Fargo & Company Stock Up 3.2 %
Shares of NYSE WFC opened at $44.22 on Tuesday. The company has a 50 day simple moving average of $43.96 and a 200-day simple moving average of $43.52. The company has a market capitalization of $168.50 billion, a P/E ratio of 14.08, a P/E/G ratio of 0.88 and a beta of 1.18. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a 1 year low of $36.54 and a 1 year high of $60.30.
Wells Fargo & Company (NYSE:WFC – Get Rating) last announced its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.61). The firm had revenue of $19.66 billion for the quarter, compared to analyst estimates of $20.04 billion. Wells Fargo & Company had a return on equity of 9.28% and a net margin of 15.91%. The firm’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.38 EPS. On average, equities research analysts predict that Wells Fargo & Company will post 4.95 earnings per share for the current year.
Wells Fargo & Company Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, December 1st. Investors of record on Friday, November 4th were issued a $0.30 dividend. The ex-dividend date was Thursday, November 3rd. This represents a $1.20 annualized dividend and a yield of 2.71%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 38.22%.
Analyst Ratings Changes
Several brokerages have weighed in on WFC. Cfra raised Wells Fargo & Company to a “buy” rating and set a $50.00 price objective on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft reduced their price objective on Wells Fargo & Company from $60.00 to $50.00 in a research note on Friday, January 6th. The Goldman Sachs Group raised Wells Fargo & Company from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $48.00 in a research note on Monday, October 3rd. Odeon Capital Group raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $51.79 target price on the stock in a research note on Tuesday, January 10th. Finally, Citigroup cut their target price on Wells Fargo & Company from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, December 21st. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus target price of $54.13.
About Wells Fargo & Company
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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