Massachusetts Wealth Management Has $1.77 Million Position in Wells Fargo & Company (NYSE:WFC)

Massachusetts Wealth Management cut its holdings in Wells Fargo & Company (NYSE:WFC) by 0.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,252 shares of the financial services provider’s stock after selling 250 shares during the quarter. Massachusetts Wealth Management’s holdings in Wells Fargo & Company were worth $1,765,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in WFC. Marshall Wace LLP lifted its stake in Wells Fargo & Company by 3,295.6% in the second quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock valued at $138,493,000 after acquiring an additional 2,404,898 shares during the last quarter. 1832 Asset Management L.P. lifted its stake in Wells Fargo & Company by 67.1% in the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock valued at $339,226,000 after acquiring an additional 2,349,595 shares during the last quarter. Rokos Capital Management LLP lifted its stake in Wells Fargo & Company by 141.6% in the first quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock valued at $151,853,000 after acquiring an additional 1,536,152 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Wells Fargo & Company by 38.1% in the first quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock worth $297,411,000 after buying an additional 1,415,647 shares during the last quarter. Finally, UniSuper Management Pty Ltd lifted its stake in shares of Wells Fargo & Company by 378.5% in the first quarter. UniSuper Management Pty Ltd now owns 1,198,987 shares of the financial services provider’s stock worth $69,493,000 after buying an additional 948,422 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on WFC. Evercore ISI boosted their price objective on shares of Wells Fargo & Company from $68.00 to $71.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. The Goldman Sachs Group reduced 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. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and reduced their price objective for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Compass Point boosted their price objective on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research note on Monday, July 15th. Thirteen investment 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 company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $61.82.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock traded up $0.21 on Friday, hitting $65.64. The company’s stock had a trading volume of 3,132,157 shares, compared to its average volume of 18,027,465. The firm has a market cap of $223.42 billion, a P/E ratio of 13.67, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. 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 fifty day moving average price of $57.41 and a 200-day moving average price of $58.20. Wells Fargo & Company has a one year low of $38.62 and a one year high of $65.95.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.14. The firm had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.39 EPS. On average, equities analysts anticipate that Wells Fargo & Company will post 5.36 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

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

Insider Transactions at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the company’s 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 sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Beurden Saul Van sold 35,000 shares of the company’s 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 transaction, the executive vice president now owns 126,687 shares in the company, valued at $7,853,327.13. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by 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.