M&G Plc Raises Stake in Wells Fargo & Company (NYSE:WFC)

by · The Markets Daily

M&G Plc lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 31.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 755,930 shares of the financial services provider’s stock after purchasing an additional 182,274 shares during the quarter. M&G Plc’s holdings in Wells Fargo & Company were worth $42,332,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Cardinal Capital Management Inc. grew 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 purchasing an additional 11,037 shares during the period. Argus Investors Counsel Inc. boosted its holdings in Wells Fargo & Company by 34.6% in 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. EP Wealth Advisors LLC boosted its holdings in Wells Fargo & Company by 40.0% in the 2nd quarter. EP Wealth Advisors LLC now owns 179,282 shares of the financial services provider’s stock worth $10,648,000 after acquiring an additional 51,234 shares during the period. Tocqueville Asset Management L.P. boosted its holdings in Wells Fargo & Company by 13.3% in the 1st quarter. Tocqueville Asset Management L.P. now owns 11,061 shares of the financial services provider’s stock worth $641,000 after acquiring an additional 1,295 shares during the period. Finally, Manning & Napier Advisors LLC purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $42,108,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 13.2 %

NYSE:WFC opened at $72.54 on Thursday. Wells Fargo & Company has a 1 year low of $40.27 and a 1 year high of $74.27. The stock has a market cap of $241.52 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 1.44 and a beta of 1.14. The business has a fifty day moving average of $59.11 and a 200-day moving average of $58.72. 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 (NYSE:WFC – Get Free Report) last announced its earnings results 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. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The business had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter last year, the business posted $1.39 earnings per share. The company’s quarterly revenue was down 2.4% on a year-over-year basis. Equities analysts predict that Wells Fargo & Company will post 5.36 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.21%. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Insider Activity at Wells Fargo & Company

In related 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 transaction of $2,169,650.00. Following the completion of the transaction, the executive vice president now owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction 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 transaction, the executive vice president now owns 126,687 shares in the company, valued at $7,853,327.13. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the transaction, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

WFC has been the subject of a number of analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. The Goldman Sachs Group decreased their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their target price for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, September 3rd. Finally, Wolfe Research raised 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 report on Tuesday, October 8th. Thirteen equities research 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $62.12.

Get Our Latest Report on WFC

Wells Fargo & Company Company Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC – Free Report).