Wells Fargo & Company (NYSE:WFC) Shares Purchased by Cullinan Associates Inc.

Cullinan Associates Inc. boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,145 shares of the financial services provider’s stock after acquiring an additional 1,500 shares during the period. Cullinan Associates Inc.’s holdings in Wells Fargo & Company were worth $2,494,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Cardinal Capital Management Inc. grew its stake in shares of Wells Fargo & Company by 2.0% during the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock worth $32,505,000 after purchasing an additional 11,037 shares in the last quarter. Argus Investors Counsel Inc. increased its holdings in shares of Wells Fargo & Company by 34.6% in the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock valued at $1,780,000 after acquiring an additional 8,107 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Wells Fargo & Company by 28.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock valued at $27,441,000 after acquiring an additional 106,260 shares during the last quarter. FORVIS Wealth Advisors LLC raised its position in shares of Wells Fargo & Company by 154.2% during the 1st quarter. FORVIS Wealth Advisors LLC now owns 27,222 shares of the financial services provider’s stock worth $1,578,000 after acquiring an additional 16,515 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its stake in Wells Fargo & Company by 40.0% during the second quarter. EP Wealth Advisors LLC now owns 179,282 shares of the financial services provider’s stock worth $10,648,000 after purchasing an additional 51,234 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WFC. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Tuesday, September 3rd. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their price target for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. The Goldman Sachs Group decreased their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Morgan Stanley cut their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research report on Monday, September 30th. Finally, Wolfe Research raised 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 report on Tuesday, October 8th. Thirteen research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $61.82.

Wells Fargo & Company Stock Performance

NYSE WFC traded up $0.14 during trading hours on Friday, hitting $65.57. 1,146,824 shares of the stock were exchanged, compared to its average volume of 18,017,875. 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 market cap of $223.19 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a 12-month low of $38.62 and a 12-month high of $65.90. The stock has a 50-day moving average of $57.20 and a 200 day moving average of $58.15.

Wells Fargo & Company (NYSE:WFC) last released its 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. The company 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 12.25% and a net margin of 14.43%. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.39 EPS. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.36 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.44%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the 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 transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The sale 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 firm’s stock in a transaction 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 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $2,169,650.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

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.