Cornercap Investment Counsel Inc. Has $2.99 Million Position in Wells Fargo & Company (NYSE:WFC)

Cornercap Investment Counsel Inc. grew its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 53.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,925 shares of the financial services provider's stock after acquiring an additional 18,493 shares during the quarter. Wells Fargo & Company comprises approximately 0.9% of Cornercap Investment Counsel Inc.'s investment portfolio, making the stock its 3rd biggest position. Cornercap Investment Counsel Inc.'s holdings in Wells Fargo & Company were worth $2,990,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of WFC. Dimensional Fund Advisors LP boosted its stake in shares of Wells Fargo & Company by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider's stock valued at $1,178,591,000 after buying an additional 831,975 shares during the period. National Pension Service increased its holdings in shares of Wells Fargo & Company by 15.2% in the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider's stock valued at $383,532,000 after purchasing an additional 897,195 shares during the period. Diamond Hill Capital Management Inc. boosted its position in Wells Fargo & Company by 2.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider's stock worth $375,183,000 after purchasing an additional 162,066 shares in the last quarter. 1832 Asset Management L.P. boosted its position in Wells Fargo & Company by 67.1% during the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider's stock worth $339,226,000 after purchasing an additional 2,349,595 shares in the last quarter. Finally, First Pacific Advisors LP lifted its position in shares of Wells Fargo & Company by 2.1% in the second quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider's stock valued at $313,500,000 after acquiring an additional 108,480 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction that occurred 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 in the company, valued at $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the 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 completion of the transaction, the executive vice president now 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. Insiders own 0.08% of the company's stock.

Wells Fargo & Company Price Performance

Shares of WFC traded up $1.54 during mid-day trading on Friday, reaching $74.34. 18,604,258 shares of the stock traded hands, compared to its average volume of 18,125,295. Wells Fargo & Company has a 1 year low of $41.99 and a 1 year high of $74.37. The firm has a fifty day moving average price of $60.77 and a 200 day moving average price of $59.20. The company has a market cap of $247.51 billion, a price-to-earnings ratio of 15.30, a price-to-earnings-growth ratio of 1.52 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 (NYSE:WFC - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $20.37 billion during 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 firm's revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.39 earnings per share. As a group, equities research analysts predict that Wells Fargo & Company will post 5.42 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders 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 dividend yield of 2.15%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 33.26%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Evercore ISI upped their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Wolfe Research upgraded Wells Fargo & Company from a "peer perform" rating to an "outperform" rating and set a $65.00 price objective on the stock in a research report on Tuesday, October 8th. The Goldman Sachs Group reduced their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, September 11th. Phillip Securities upgraded 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 note on Tuesday, October 15th. Finally, Piper Sandler upped their target price on Wells Fargo & Company from $60.00 to $62.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. Thirteen research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of "Hold" and a consensus price target of $62.12.

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.