Assetmark Inc. Has $21.62 Million Stake in Wells Fargo & Company (NYSE:WFC)

Assetmark Inc. lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 5.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 382,717 shares of the financial services provider's stock after purchasing an additional 20,149 shares during the period. Assetmark Inc.'s holdings in Wells Fargo & Company were worth $21,620,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WFC. Verdence Capital Advisors LLC increased its holdings in shares of Wells Fargo & Company by 35.7% in the third quarter. Verdence Capital Advisors LLC now owns 48,346 shares of the financial services provider's stock valued at $2,731,000 after purchasing an additional 12,713 shares in the last quarter. Beta Wealth Group Inc. raised its position in shares of Wells Fargo & Company by 3.8% during the third quarter. Beta Wealth Group Inc. now owns 8,422 shares of the financial services provider's stock worth $476,000 after acquiring an additional 306 shares during the last quarter. First Fiduciary Investment Counsel Inc. acquired a new position in shares of Wells Fargo & Company during the third quarter valued at $298,000. Holistic Planning LLC increased its position in Wells Fargo & Company by 61.3% in the third quarter. Holistic Planning LLC now owns 7,329 shares of the financial services provider's stock worth $414,000 after purchasing an additional 2,786 shares during the period. Finally, CWA Asset Management Group LLC bought a new stake in Wells Fargo & Company during the 3rd quarter worth about $2,300,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WFC has been the subject of several analyst reports. Phillip Securities upgraded shares of Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and lifted their price target for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $65.00 price target on the stock in a research report on Tuesday, September 3rd. Evercore ISI boosted their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Jefferies Financial Group lowered shares of Wells Fargo & Company to a "hold" rating and cut their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Finally, Compass Point lifted their price target on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 15th. Thirteen 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. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $62.12.

Insiders Place Their Bets

In other news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction dated Monday, October 14th. The shares were 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 of the company's stock, valued at $7,853,327.13. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Ather Williams III sold 60,000 shares of the business'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 transaction of $3,822,000.00. Following the transaction, the executive vice president now directly owns 163,610 shares of the company's stock, valued at approximately $10,421,957. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the firm's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the sale, the executive vice president now directly owns 126,687 shares of the company's stock, valued at $7,853,327.13. This represents a 0.00 % 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 Stock Up 0.9 %

Shares of WFC stock traded up $0.62 during trading on Friday, reaching $70.04. The company's stock had a trading volume of 14,270,937 shares, compared to its average volume of 20,885,386. The company has a market cap of $233.20 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 1.57 and a beta of 1.14. Wells Fargo & Company has a one year low of $40.27 and a one year high of $74.27. The business has a fifty day moving average price of $59.59 and a 200-day moving average price of $58.84. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced 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 company 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%. Wells Fargo & Company's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.39 EPS. Analysts anticipate that Wells Fargo & Company will post 5.39 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 issued a dividend of $0.40 per share. The ex-dividend date is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a yield of 2.28%. Wells Fargo & Company's payout ratio is 33.26%.

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.