Strategy Asset Managers LLC Invests $691,000 in Wells Fargo & Company (NYSE:WFC)

Strategy Asset Managers LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 12,231 shares of the financial services provider's stock, valued at approximately $691,000.

A number of other hedge funds have also recently made changes to their positions in WFC. Cardinal Capital Management Inc. raised its position 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 valued at $32,505,000 after buying an additional 11,037 shares in the last quarter. Chartwell Investment Partners LLC lifted its stake in Wells Fargo & Company by 16.4% during the third quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider's stock worth $7,504,000 after purchasing an additional 18,717 shares during the last quarter. Argus Investors Counsel Inc. boosted its holdings in shares of 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 purchasing an additional 8,107 shares in the last quarter. Mesirow Financial Investment Management Inc. increased its position in shares of Wells Fargo & Company by 111.1% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 34,464 shares of the financial services provider's stock valued at $1,947,000 after purchasing an additional 18,138 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in shares of Wells Fargo & Company by 5.6% during the 3rd quarter. Assetmark Inc. now owns 382,717 shares of the financial services provider's stock valued at $21,620,000 after buying an additional 20,149 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 0.2 %

NYSE WFC opened at $73.58 on Thursday. The business has a fifty day moving average price of $62.35 and a 200 day moving average price of $59.59. 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 $244.98 billion, a P/E ratio of 15.30, a P/E/G ratio of 1.53 and a beta of 1.14. Wells Fargo & Company has a one year low of $42.15 and a one year high of $74.70.

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 EPS for the quarter, beating the consensus estimate of $1.28 by $0.14. The firm 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%. The business's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.39 earnings per share. Research analysts anticipate that Wells Fargo & Company will post 5.42 EPS for the current fiscal 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. This represents a $1.60 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company's payout ratio is 33.26%.

Analysts Set New Price Targets

WFC has been the subject of several analyst reports. Wolfe Research upgraded 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 report on Tuesday, October 8th. Citigroup raised their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a "neutral" rating in a research report on Tuesday. Piper Sandler boosted their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the company a "neutral" rating in a research report on Monday, October 14th. Phillip Securities raised Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and increased their price objective for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $65.00 target price on the stock in a research note on Tuesday, September 3rd. Thirteen investment 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 stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of "Hold" and an average price target of $63.07.

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 that occurred 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 owns 126,687 shares of the company's stock, valued at $7,853,327.13. This trade represents a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction 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 sale, the executive vice president now directly owns 163,610 shares of the company's stock, valued at approximately $10,421,957. This trade represents a 26.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

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.