Tower Bridge Advisors Has $2.07 Million Stock Position in Wells Fargo & Company (NYSE:WFC)

17 Nov 2024, 14:48 by Michael Walen · The Markets Daily

Tower Bridge Advisors decreased its position in shares of Wells Fargo & Company (NYSE:WFC – Free Report) by 7.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,646 shares of the financial services provider’s stock after selling 3,075 shares during the period. Tower Bridge Advisors’ holdings in Wells Fargo & Company were worth $2,070,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of WFC. Ellenbecker Investment Group lifted its holdings in Wells Fargo & Company by 3.9% during the 3rd quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider’s stock worth $250,000 after buying an additional 164 shares in the last quarter. Income Research & Management acquired a new position in Wells Fargo & Company during the 3rd quarter worth $211,000. Modera Wealth Management LLC lifted its holdings in Wells Fargo & Company by 0.9% during the 3rd quarter. Modera Wealth Management LLC now owns 18,014 shares of the financial services provider’s stock worth $1,018,000 after buying an additional 167 shares in the last quarter. Catalina Capital Group LLC lifted its holdings in Wells Fargo & Company by 1.7% during the 3rd quarter. Catalina Capital Group LLC now owns 9,886 shares of the financial services provider’s stock worth $558,000 after buying an additional 168 shares in the last quarter. Finally, John W. Brooker & Co. CPAs lifted its holdings in Wells Fargo & Company by 2.5% during the 2nd quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider’s stock worth $420,000 after buying an additional 171 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Insider Activity

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

Analyst Ratings Changes

Several research analysts have issued reports on the company. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a report on Tuesday, October 8th. The Goldman Sachs Group cut their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Morgan Stanley cut their price target on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Evercore ISI increased their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Compass Point increased their price target on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Thirteen equities 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $62.12.

Check Out Our Latest Analysis on Wells Fargo & Company

Wells Fargo & Company Price Performance

WFC stock opened at $74.34 on Friday. The stock has a 50-day moving average price of $61.17 and a two-hundred day moving average price of $59.30. The stock has a market cap of $247.51 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 1.55 and a beta of 1.14. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 1 year low of $41.99 and a 1 year high of $74.41.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (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 analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The company’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.39 EPS. Equities analysts forecast that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

Wells Fargo & Company Profile

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