True Freedom Investing LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,062 shares of the financial services provider’s stock, valued at approximately $725,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new stake in Wells Fargo & Company during the second quarter worth approximately $1,635,881,000. Bank of New York Mellon Corp acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter worth about $1,364,923,000. Deutsche Bank AG bought a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $859,431,000. Pzena Investment Management LLC purchased a new position in Wells Fargo & Company during the 2nd quarter worth $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Wells Fargo & Company during the second quarter worth about $620,861,000. Institutional investors own 75.90% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on WFC. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Thursday, October 15th. Keefe, Bruyette & Woods dropped their price objective on Wells Fargo & Company from $94.00 to $90.00 and set a “market perform” rating on the stock in a report on Wednesday, October 14th. The Goldman Sachs Group set a $94.00 price objective on Wells Fargo & Company in a report on Tuesday, October 13th. Truist Financial raised their price objective on shares of Wells Fargo & Company from $94.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, October 1st. Finally, Royal Bank Of Canada cut their target price on Wells Fargo & Company from $100.00 to $92.00 and set an “outperform” rating for the company in a research note on Wednesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $98.11.
Read Our Latest Report on Wells Fargo & Company
Wells Fargo & Company Stock Performance
Shares of WFC stock opened at $83.39 on Monday. The stock has a fifty day moving average of $84.33 and a 200 day moving average of $83.70. The firm has a market capitalization of $250.32 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 0.89 and a beta of 0.93. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.02. Wells Fargo & Company had a return on equity of 14.05% and a net margin of 17.64%. The company had revenue of $21.87 billion for the quarter, compared to analyst estimates of $22.30 billion. During the same period in the previous year, the company posted $1.66 earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis. As a group, research analysts expect that Wells Fargo & Company will post 7.27 earnings per share for the current year.
Wells Fargo & Company Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, November 6th. Wells Fargo & Company’s dividend payout ratio is presently 28.21%.
Wells Fargo & Company Company Profile
Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.
The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.
Read More
- Five stocks we like better than Wells Fargo & Company
- SK hynix Says Memory Demand Beats Supply Through 2030—What It Means for Micron and SanDisk
- STMicroelectronics Could Reach New Highs—Here’s What Needs to Happen
- Marvell Eyes a Swing for the AI Networking Fences as Markets Weigh Lumentum Price Tag
- Exxon’s Refining Profits Soared—Did Chevron Get the Same Windfall?
Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC – Free Report).
Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.
