Ascent Group LLC Has $2.94 Million Stake in Wells Fargo & Company (NYSE:WFC)

Ascent Group LLC increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 33.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 52,035 shares of the financial services provider’s stock after buying an additional 13,101 shares during the period. Ascent Group LLC’s holdings in Wells Fargo & Company were worth $2,939,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in WFC. Mattson Financial Services LLC bought a new position in Wells Fargo & Company during the second quarter worth $25,000. Strategic Investment Solutions Inc. IL bought a new position in Wells Fargo & Company during the second quarter worth $26,000. Truvestments Capital LLC bought a new position in Wells Fargo & Company during the third quarter worth $29,000. MidAtlantic Capital Management Inc. bought a new position in Wells Fargo & Company during the third quarter worth $34,000. Finally, FSA Wealth Management LLC bought a new position in Wells Fargo & Company during the third quarter worth $34,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 1.3 %

NYSE WFC opened at $76.17 on Monday. The stock has a market capitalization of $253.61 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 1.59 and a beta of 1.14. Wells Fargo & Company has a one year low of $43.48 and a one year high of $78.13. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The business’s fifty day moving average is $65.48 and its 200-day moving average is $60.33.

Wells Fargo & Company (NYSE:WFC) last released its earnings results 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. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The company had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. During the same period in the previous year, the business posted $1.39 EPS. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. Equities research analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s payout ratio is presently 33.26%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Morgan Stanley reduced their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their target price for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. The Goldman Sachs Group lowered their target price on 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research note on Monday, October 14th. Finally, Piper Sandler upped their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Thirteen research 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. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $63.07.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was 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 of the company’s stock, valued at $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the company’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 directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. 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.