Allen Capital Group LLC Acquires 1,064 Shares of Wells Fargo & Company (NYSE:WFC)

Allen Capital Group LLC grew its holdings in Wells Fargo & Company (NYSE:WFC) by 17.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,264 shares of the financial services provider’s stock after acquiring an additional 1,064 shares during the quarter. Allen Capital Group LLC’s holdings in Wells Fargo & Company were worth $410,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Biltmore Family Office LLC raised its stake in Wells Fargo & Company by 4.9% in the third quarter. Biltmore Family Office LLC now owns 9,848 shares of the financial services provider’s stock valued at $556,000 after purchasing an additional 462 shares in the last quarter. Raymond James Trust N.A. raised its stake in Wells Fargo & Company by 2.5% in the third quarter. Raymond James Trust N.A. now owns 142,321 shares of the financial services provider’s stock valued at $8,040,000 after purchasing an additional 3,481 shares in the last quarter. 49 Wealth Management LLC acquired a new position in Wells Fargo & Company in the third quarter valued at about $256,000. Eagle Asset Management Inc. raised its stake in Wells Fargo & Company by 10.0% in the third quarter. Eagle Asset Management Inc. now owns 169,501 shares of the financial services provider’s stock valued at $9,575,000 after purchasing an additional 15,411 shares in the last quarter. Finally, Investors Research Corp raised its stake in Wells Fargo & Company by 1.2% in the third quarter. Investors Research Corp now owns 13,461 shares of the financial services provider’s stock valued at $760,000 after purchasing an additional 160 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Citigroup boosted their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their price target for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Piper Sandler boosted their target price on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Morgan Stanley lowered their target price on 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. Finally, Compass Point boosted their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Thirteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $63.07.

Insider Activity at Wells Fargo & Company

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 transaction, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. This represents a 21.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ather Williams III sold 60,000 shares of the 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 transaction, the executive vice president now 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 company insiders.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $75.96 on Friday. The business’s 50 day simple moving average is $63.28 and its 200 day simple moving average is $59.81. Wells Fargo & Company has a one year low of $42.52 and a one year high of $76.08. The stock has a market capitalization of $252.91 billion, a PE ratio of 15.79, a PEG ratio of 1.56 and a beta of 1.14. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $20.40 billion. During the same period in the prior year, the business posted $1.39 earnings per share. The firm’s revenue was down 2.4% on a year-over-year basis. As a group, research analysts forecast that Wells Fargo & Company will post 5.42 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s payout ratio is presently 33.26%.

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.