Cornercap Investment Counsel Inc. Acquires 18,493 Shares of Wells Fargo & Company (NYSE:WFC)

15 Nov 2024, 08:45 by Teresa Graham · The Cerbat Gem

Cornercap Investment Counsel Inc. boosted its holdings in Wells Fargo & Company (NYSE:WFC – Free Report) by 53.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 52,925 shares of the financial services provider’s stock after acquiring an additional 18,493 shares during the period. Wells Fargo & Company accounts for about 0.9% of Cornercap Investment Counsel Inc.’s investment portfolio, making the stock its 3rd largest position. Cornercap Investment Counsel Inc.’s holdings in Wells Fargo & Company were worth $2,990,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in WFC. Cardinal Capital Management Inc. lifted its holdings in shares of Wells Fargo & Company by 2.0% during the 3rd quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock worth $32,505,000 after acquiring an additional 11,037 shares during the period. Chartwell Investment Partners LLC lifted its holdings in shares of Wells Fargo & Company by 16.4% during the 3rd quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock worth $7,504,000 after acquiring an additional 18,717 shares during the period. Argus Investors Counsel Inc. lifted its holdings in shares of Wells Fargo & Company by 34.6% during the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock worth $1,780,000 after acquiring an additional 8,107 shares during the period. Mesirow Financial Investment Management Inc. raised its holdings in Wells Fargo & Company by 111.1% in the third quarter. Mesirow Financial Investment Management Inc. now owns 34,464 shares of the financial services provider’s stock valued at $1,947,000 after buying an additional 18,138 shares during the period. Finally, Assetmark Inc. raised its holdings in Wells Fargo & Company by 5.6% in the third quarter. Assetmark Inc. now owns 382,717 shares of the financial services provider’s stock valued at $21,620,000 after buying an additional 20,149 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction on 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 directly owns 163,610 shares in the company, valued at $10,421,957. This trade 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 Price Performance

Shares of WFC opened at $72.80 on Friday. The firm has a market cap of $242.39 billion, a PE ratio of 15.14, a PEG ratio of 1.52 and a beta of 1.14. The firm’s 50 day moving average price is $60.45 and its 200 day moving average price is $59.11. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. Wells Fargo & Company has a twelve month low of $41.99 and a twelve month high of $74.27.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share 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 company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.39 earnings per share. As a group, research analysts expect that Wells Fargo & Company will post 5.42 EPS for the current fiscal 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 $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is 33.26%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on WFC shares. Compass Point lifted their price objective on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley decreased 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 report on Monday, September 30th. Piper Sandler raised their target price 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. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research note on Tuesday, October 8th. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their target price for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Thirteen 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $62.12.

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