Olstein Capital Management L.P. Raises Stake in Wells Fargo & Company (NYSE:WFC)

Olstein Capital Management L.P. increased its stake in Wells Fargo & Company (NYSE:WFC) by 2.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 124,000 shares of the financial services provider’s stock after buying an additional 3,000 shares during the period. Olstein Capital Management L.P.’s holdings in Wells Fargo & Company were worth $7,005,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mattson Financial Services LLC purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in Wells Fargo & Company in the second quarter worth about $26,000. Valued Wealth Advisors LLC increased its position in Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 220 shares during the period. J.Safra Asset Management Corp raised its holdings in shares of Wells Fargo & Company by 704.3% in the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 648 shares in the last quarter. Finally, Fairscale Capital LLC purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter worth approximately $47,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 2.2 %

NYSE:WFC traded down $1.63 on Thursday, reaching $70.84. 2,593,042 shares of the company’s stock were exchanged, compared to its average volume of 18,087,359. Wells Fargo & Company has a 52-week low of $40.27 and a 52-week high of $74.27. The business has a fifty day moving average of $59.11 and a 200-day moving average of $58.72. The firm has a market capitalization of $235.86 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 1.44 and a beta of 1.14. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly 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. The company had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The firm’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.39 EPS. As a group, analysts expect that Wells Fargo & Company will post 5.36 earnings per share for the current 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. The ex-dividend date is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a yield of 2.26%. Wells Fargo & Company’s dividend payout ratio is presently 33.26%.

Insider Buying and Selling

In other Wells Fargo & Company news, 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 sale, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction that occurred on 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 approximately $7,853,327.13. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the business’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 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 approximately $10,421,957. 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 company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on WFC. Compass Point boosted their target price on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a report on Monday, October 14th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Tuesday, September 3rd. BMO Capital Markets lifted their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Finally, Piper Sandler increased their price objective on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Thirteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $62.12.

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.