Wells Fargo & Company $WFC Stock Position Increased by Summit Global Investments

Summit Global Investments boosted its position in Wells Fargo & Company (NYSE:WFC) by 65.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,006 shares of the financial services provider’s stock after purchasing an additional 9,120 shares during the quarter. Summit Global Investments’ holdings in Wells Fargo & Company were worth $1,842,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invera Wealth Advisors LLC boosted its stake in shares of Wells Fargo & Company by 16.1% during the 3rd quarter. Invera Wealth Advisors LLC now owns 4,939 shares of the financial services provider’s stock worth $395,000 after purchasing an additional 686 shares during the last quarter. MGO One Seven LLC grew its holdings in shares of Wells Fargo & Company by 3.0% during the third quarter. MGO One Seven LLC now owns 152,568 shares of the financial services provider’s stock worth $12,213,000 after buying an additional 4,450 shares in the last quarter. Americana Partners LLC grew its holdings in shares of Wells Fargo & Company by 15.5% during the third quarter. Americana Partners LLC now owns 17,513 shares of the financial services provider’s stock worth $1,402,000 after buying an additional 2,346 shares in the last quarter. Aprio Wealth Management LLC grew its holdings in shares of Wells Fargo & Company by 5.8% during the third quarter. Aprio Wealth Management LLC now owns 19,247 shares of the financial services provider’s stock worth $1,541,000 after buying an additional 1,059 shares in the last quarter. Finally, CHICAGO TRUST Co NA raised its position in shares of Wells Fargo & Company by 5.2% in the third quarter. CHICAGO TRUST Co NA now owns 18,955 shares of the financial services provider’s stock valued at $1,517,000 after buying an additional 937 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Down 1.7%

Shares of WFC stock opened at $83.39 on Friday. The firm has a market cap of $250.32 billion, a P/E ratio of 11.76, a PEG ratio of 0.89 and a beta of 0.96. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.89 and a quick ratio of 0.90. The firm’s 50-day simple moving average is $84.33 and its 200-day simple moving average is $83.70.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.02. The firm had revenue of $21.87 billion during the quarter, compared to the consensus estimate of $22.30 billion. Wells Fargo & Company had a net margin of 17.64% and a return on equity of 14.05%. Wells Fargo & Company’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.66 earnings per share. As a group, equities analysts forecast that Wells Fargo & Company will post 7.27 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company’s payout ratio is currently 28.21%.

Analyst Ratings Changes

WFC has been the topic of several recent analyst reports. Morgan Stanley reduced their price objective on shares of Wells Fargo & Company from $102.00 to $101.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. Royal Bank Of Canada lowered their target price on shares of 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a report on Thursday, October 15th. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Finally, UBS Group reduced their price target on Wells Fargo & Company from $104.00 to $102.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $98.11.

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.