Stonebrook Private Inc. Buys New Holdings in Wells Fargo & Company (NYSE:WFC)

Stonebrook Private Inc. purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,791 shares of the financial services provider’s stock, valued at approximately $214,000.

A number of other large investors also recently modified their holdings of the company. Advisors Asset Management Inc. boosted its position in Wells Fargo & Company by 8.9% during the 1st quarter. Advisors Asset Management Inc. now owns 41,715 shares of the financial services provider’s stock worth $2,418,000 after purchasing an additional 3,418 shares during the period. Ascent Group LLC boosted its position in shares of Wells Fargo & Company by 295.6% in the first quarter. Ascent Group LLC now owns 35,587 shares of the financial services provider’s stock worth $2,063,000 after buying an additional 26,591 shares during the period. Zurich Insurance Group Ltd FI grew its stake in shares of Wells Fargo & Company by 0.6% in the first quarter. Zurich Insurance Group Ltd FI now owns 2,248,367 shares of the financial services provider’s stock valued at $130,315,000 after buying an additional 13,583 shares in the last quarter. Waverly Advisors LLC raised its holdings in shares of Wells Fargo & Company by 34.2% during the 1st quarter. Waverly Advisors LLC now owns 49,364 shares of the financial services provider’s stock valued at $2,861,000 after buying an additional 12,588 shares during the period. Finally, Black Maple Capital Management LP lifted its position in Wells Fargo & Company by 174.5% during the 1st quarter. Black Maple Capital Management LP now owns 14,000 shares of the financial services provider’s stock worth $811,000 after acquiring an additional 8,900 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. The Goldman Sachs Group lowered 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 report on Wednesday, September 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and cut their price objective for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research report on Tuesday, October 8th. Finally, Citigroup lifted their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $63.07.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $75.96 on Friday. The company has a market cap of $252.91 billion, a P/E ratio of 15.79, a PEG ratio of 1.56 and a beta of 1.14. The business has a 50 day moving average of $63.28 and a two-hundred day moving average of $59.81. Wells Fargo & Company has a 52 week low of $42.52 and a 52 week high of $76.08. 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 released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $20.40 billion. During the same quarter in the previous year, the firm posted $1.39 EPS. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, analysts anticipate that Wells Fargo & Company will post 5.42 EPS 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. Stockholders of record on Friday, November 8th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.11%. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Insider Buying and Selling

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction 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 sale, the executive vice president now owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 21.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the 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 directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

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.