Wells Fargo & Company (NYSE:WFC) Position Lifted by Monte Financial Group LLC

Monte Financial Group LLC increased its holdings in Wells Fargo & Company (NYSE:WFC) by 1.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 126,937 shares of the financial services provider’s stock after purchasing an additional 2,230 shares during the period. Wells Fargo & Company accounts for 3.0% of Monte Financial Group LLC’s investment portfolio, making the stock its 4th biggest position. Monte Financial Group LLC’s holdings in Wells Fargo & Company were worth $7,171,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Global Assets Advisory LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at $2,638,000. Brookstone Capital Management increased its stake in Wells Fargo & Company by 6.9% during the first quarter. Brookstone Capital Management now owns 19,476 shares of the financial services provider’s stock worth $1,129,000 after acquiring an additional 1,263 shares during the last quarter. Sovereign Financial Group Inc. purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth about $218,000. Key Client Fiduciary Advisors LLC raised its holdings in shares of Wells Fargo & Company by 25.0% in the 1st quarter. Key Client Fiduciary Advisors LLC now owns 6,390 shares of the financial services provider’s stock worth $370,000 after purchasing an additional 1,278 shares during the period. Finally, Revolve Wealth Partners LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at about $229,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Wells Fargo & Company

In related news, 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 owns 126,687 shares in the company, valued at $7,853,327.13. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the sale, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods cut their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reissued a “sector perform” rating and issued 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 report on Tuesday, October 8th. The Goldman Sachs Group lowered their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Finally, Morgan Stanley reduced their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Thirteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $61.82.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $64.56 on Thursday. The firm’s 50 day moving average is $57.20 and its two-hundred day moving average is $58.15. The firm has a market capitalization of $225.08 billion, a P/E ratio of 13.26, a PEG ratio of 1.46 and a beta of 1.16. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 52 week low of $38.58 and a 52 week high of $65.21.

Wells Fargo & Company (NYSE:WFC) last posted 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 firm had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm’s revenue was down 2.4% compared to the same quarter last year. During the same period last year, the firm earned $1.39 EPS. Analysts anticipate that Wells Fargo & Company will post 5.12 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

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.