Asahi Life Asset Management CO. LTD. Boosts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

28 Oct 2024, 14:01 by Renee Jackson · The Cerbat Gem

Asahi Life Asset Management CO. LTD. increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 10.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,720 shares of the financial services provider’s stock after purchasing an additional 1,190 shares during the period. Asahi Life Asset Management CO. LTD.’s holdings in Wells Fargo & Company were worth $719,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Income Research & Management purchased a new position in Wells Fargo & Company during the third quarter worth about $211,000. Mattson Financial Services LLC purchased a new position in Wells Fargo & Company during the second quarter worth about $25,000. Strategic Investment Solutions Inc. IL purchased a new position in Wells Fargo & Company during the second quarter worth about $26,000. Valued Wealth Advisors LLC raised its holdings in Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 220 shares in the last quarter. Finally, J.Safra Asset Management Corp raised its holdings in Wells Fargo & Company by 704.3% during the first quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 648 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 1.1 %

Shares of NYSE:WFC traded up $0.69 during midday trading on Monday, hitting $65.22. 2,740,125 shares of the company’s stock traded hands, compared to its average volume of 18,010,330. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $227.38 billion, a PE ratio of 13.25, a P/E/G ratio of 1.46 and a beta of 1.16. The firm’s fifty day moving average price is $57.60 and its two-hundred day moving average price is $58.26. Wells Fargo & Company has a twelve month low of $38.69 and a twelve month high of $65.95.

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

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on WFC shares. BMO Capital Markets increased their target price on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Piper Sandler increased their target price on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a report on Tuesday, September 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $61.00 target price on shares of Wells Fargo & Company in a report on Monday, October 14th. Finally, Phillip Securities raised 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 report on Tuesday, October 15th. Thirteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $61.82.

Check Out Our Latest Research Report on WFC

Insider Buying and Selling

In related news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company 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 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total transaction 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 $10,421,957. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the business’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 directly owns 126,687 shares of the company’s stock, 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 insiders.

Wells Fargo & Company Profile

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