GLOBALT Investments LLC GA Acquires Shares of 102,029 Wells Fargo & Company (NYSE:WFC)

GLOBALT Investments LLC GA acquired a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 102,029 shares of the financial services provider's stock, valued at approximately $5,764,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Income Research & Management acquired a new position in shares of Wells Fargo & Company during the third quarter worth about $211,000. Mattson Financial Services LLC purchased a new stake in Wells Fargo & Company in the 2nd quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL acquired a new position in Wells Fargo & Company during the 2nd quarter worth approximately $26,000. Valued Wealth Advisors LLC raised its stake in shares of Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider's stock worth $37,000 after buying an additional 220 shares in the last quarter. Finally, Fairscale Capital LLC acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $47,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

WFC has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $65.00 price objective for the company in a research report on Tuesday, September 3rd. Compass Point raised their price objective on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a "neutral" rating in a research note on Tuesday, October 15th. The Goldman Sachs Group decreased their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, September 11th. Morgan Stanley dropped their target price on shares of Wells Fargo & Company from $68.00 to $67.00 and set an "overweight" rating for the company in a report on Monday, September 30th. Finally, Piper Sandler increased their price objective on shares of 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 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 company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $62.12.

Wells Fargo & Company Trading Down 0.4 %

WFC traded down $0.33 on Monday, reaching $74.01. 7,900,622 shares of the company's stock were exchanged, compared to its average volume of 18,080,486. Wells Fargo & Company has a twelve month low of $42.15 and a twelve month high of $74.70. The company's 50 day moving average is $61.17 and its 200-day moving average is $59.30. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $246.42 billion, a price-to-earnings ratio of 15.47, a PEG ratio of 1.55 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) 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 firm had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same period in the prior year, the firm earned $1.39 EPS. The firm's quarterly revenue was down 2.4% compared to the same quarter last year. Equities 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 announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given 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 dividend yield of 2.16%. Wells Fargo & Company's payout ratio is currently 33.26%.

Insider Activity

In related news, EVP Beurden Saul Van sold 35,000 shares of the business'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 transaction, the executive vice president now owns 126,687 shares in the company, valued at approximately $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ather Williams III sold 60,000 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president now owns 163,610 shares of the company's stock, valued at approximately $10,421,957. This trade represents a 26.83 % 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 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.