Keystone Financial Services Raises Holdings in Wells Fargo & Company (NYSE:WFC)

Keystone Financial Services lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 7.6% in the third quarter, HoldingsChannel reports. The firm owned 19,326 shares of the financial services provider’s stock after acquiring an additional 1,360 shares during the period. Wells Fargo & Company makes up about 0.4% of Keystone Financial Services’ portfolio, making the stock its 26th biggest holding. Keystone Financial Services’ holdings in Wells Fargo & Company were worth $1,092,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Nations Financial Group Inc. IA ADV increased its stake in shares of Wells Fargo & Company by 6.7% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,115 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 259 shares in the last quarter. Lountzis Asset Management LLC grew its stake in Wells Fargo & Company by 0.3% in the 3rd quarter. Lountzis Asset Management LLC now owns 253,042 shares of the financial services provider’s stock worth $14,294,000 after acquiring an additional 809 shares during the period. Venturi Wealth Management LLC grew its stake in Wells Fargo & Company by 21.7% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,773 shares of the financial services provider’s stock worth $157,000 after acquiring an additional 495 shares during the period. Alaska Wealth Advisors grew its stake in Wells Fargo & Company by 24.3% in the 3rd quarter. Alaska Wealth Advisors now owns 6,997 shares of the financial services provider’s stock worth $395,000 after acquiring an additional 1,368 shares during the period. Finally, Catalytic Wealth RIA LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter worth approximately $240,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $72.60 on Tuesday. Wells Fargo & Company has a twelve month low of $40.53 and a twelve month high of $74.27. The firm has a market capitalization of $241.72 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.57 and a beta of 1.14. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm’s fifty day simple moving average is $59.59 and its 200 day simple moving average is $58.83.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The firm had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. During the same quarter in the previous year, the firm posted $1.39 EPS. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, equities research analysts expect that Wells Fargo & Company will post 5.39 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.20%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 33.26%.

Insider Buying and Selling

In related news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction on Monday, October 14th. The shares were 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 of the company’s stock, valued at $7,853,327.13. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction dated 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research note on Monday, July 15th. Morgan Stanley lowered their target price on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a research note on Tuesday, October 8th. Royal Bank of Canada reaffirmed 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. Finally, Evercore ISI lifted their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Thirteen investment 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 stock. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus price target of $62.12.

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.