Grimes & Company Inc. Increases Stake in Wells Fargo & Company (NYSE:WFC)

Grimes & Company Inc. boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 3.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 31,678 shares of the financial services provider’s stock after buying an additional 949 shares during the period. Grimes & Company Inc.’s holdings in Wells Fargo & Company were worth $1,789,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Cardinal Capital Management Inc. raised its holdings in Wells Fargo & Company by 2.0% in the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after buying an additional 11,037 shares during the period. Argus Investors Counsel Inc. raised its holdings in Wells Fargo & Company by 34.6% in the third quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock valued at $1,780,000 after buying an additional 8,107 shares during the period. Allspring Global Investments Holdings LLC grew its position in Wells Fargo & Company by 28.9% in the first 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 in the last quarter. FORVIS Wealth Advisors LLC grew its position in Wells Fargo & Company by 154.2% in the first quarter. FORVIS Wealth Advisors LLC now owns 27,222 shares of the financial services provider’s stock valued at $1,578,000 after acquiring an additional 16,515 shares in the last quarter. Finally, EP Wealth Advisors LLC grew its position in Wells Fargo & Company by 40.0% in the second quarter. EP Wealth Advisors LLC now owns 179,282 shares of the financial services provider’s stock valued at $10,648,000 after acquiring an additional 51,234 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company 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 sale, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Wells Fargo & Company 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 sale, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Beurden Saul Van sold 35,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the sale, the executive vice president now owns 126,687 shares in the company, valued at $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 currently owned by company insiders.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $65.43 on Friday. The company has a market cap of $222.71 billion, a PE ratio of 13.60, a P/E/G ratio of 1.46 and a beta of 1.16. The company has a fifty day moving average price of $57.20 and a two-hundred day moving average price of $58.15. 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 has a 12 month low of $38.58 and a 12 month high of $65.57.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to the consensus estimate 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 company posted $1.39 earnings per share. Research analysts expect that Wells Fargo & Company will post 5.36 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their price objective for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and lowered their price objective for the company from $62.00 to $59.00 in a research report on Friday, August 16th. 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. 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, BMO Capital Markets increased 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 report on Thursday, July 11th. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Hold” and an average target price of $61.82.

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.