CIBC Asset Management Inc Buys 20,053 Shares of Wells Fargo & Company (NYSE:WFC)

CIBC Asset Management Inc grew its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 3.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 579,985 shares of the financial services provider's stock after purchasing an additional 20,053 shares during the quarter. CIBC Asset Management Inc's holdings in Wells Fargo & Company were worth $32,763,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other news, EVP Beurden Saul Van sold 35,000 shares of the company'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 completion of the sale, the executive vice president now owns 126,687 shares in the company, valued at $7,853,327.13. This represents a 21.65 % decrease in their position. The transaction 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 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 transaction, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WFC. The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, September 11th. Wolfe Research raised shares of Wells Fargo & Company from a "peer perform" rating to an "outperform" rating and set a $65.00 price target for the company in a research note on Tuesday, October 8th. Morgan Stanley reduced their price objective on shares of 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. Compass Point increased their price objective on Wells Fargo & Company from $57.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, October 15th. Finally, 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 report on Tuesday, September 3rd. Thirteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company has an average rating of "Hold" and an average target price of $62.12.

Wells Fargo & Company Stock Up 2.1 %

Shares of NYSE:WFC traded up $1.54 during trading on Friday, reaching $74.34. 18,836,977 shares of the stock were exchanged, compared to its average volume of 18,126,145. Wells Fargo & Company has a 1-year low of $41.99 and a 1-year high of $74.41. The stock has a fifty day moving average of $61.17 and a two-hundred day moving average of $59.30. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $247.51 billion, a price-to-earnings ratio of 15.46, a price-to-earnings-growth ratio of 1.52 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.14. The firm had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business's revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.39 earnings per share. Research analysts anticipate that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

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

About Wells Fargo & Company

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.