Zacks Investment Management Has $883,000 Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Zacks Investment Management lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 1.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 15,631 shares of the financial services provider’s stock after buying an additional 197 shares during the period. Zacks Investment Management’s holdings in Wells Fargo & Company were worth $883,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Mattson Financial Services LLC acquired a new position in Wells Fargo & Company during the second quarter worth $25,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Wells Fargo & Company during the 2nd quarter valued at about $26,000. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company in the 3rd quarter valued at approximately $29,000. MidAtlantic Capital Management Inc. acquired a new stake in Wells Fargo & Company in the 3rd quarter worth approximately $34,000. Finally, FSA Wealth Management LLC bought a new stake in Wells Fargo & Company during the third quarter worth approximately $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 2.3 %

Shares of WFC opened at $72.62 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average price of $67.71 and a two-hundred day moving average price of $60.88. The stock has a market cap of $241.79 billion, a price-to-earnings ratio of 15.10, a P/E/G ratio of 1.55 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $45.57 and a 12 month high of $78.13.

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, topping 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 during the quarter, compared to the consensus estimate of $20.40 billion. During the same quarter last year, the company earned $1.39 EPS. Wells Fargo & Company’s revenue was down 2.4% on a year-over-year basis. Equities analysts predict that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

Insider Activity at Wells Fargo & Company

In other news, EVP Beurden Saul Van sold 35,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This trade represents a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Analyst Ratings Changes

WFC has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Tuesday, September 3rd. Piper Sandler boosted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Compass Point raised their price target on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Morgan Stanley dropped 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. Finally, Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and decreased their target price for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Thirteen research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Hold” and an average target price of $65.47.

Wells Fargo & 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.