Synovus Financial Corp Buys 24,126 Shares of Wells Fargo & Company (NYSE:WFC)

Synovus Financial Corp lifted its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 32.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 99,049 shares of the financial services provider's stock after buying an additional 24,126 shares during the quarter. Synovus Financial Corp's holdings in Wells Fargo & Company were worth $5,595,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of WFC. Investors Research Corp lifted its position in shares of Wells Fargo & Company by 1.2% during the third quarter. Investors Research Corp now owns 13,461 shares of the financial services provider's stock worth $760,000 after acquiring an additional 160 shares in the last quarter. Ellenbecker Investment Group raised its stake in shares of Wells Fargo & Company by 3.9% during the 3rd quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider's stock valued at $250,000 after purchasing an additional 164 shares during the period. Income Research & Management purchased a new stake in Wells Fargo & Company during the 3rd quarter worth about $211,000. Modera Wealth Management LLC boosted its stake in 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 worth $1,018,000 after purchasing an additional 167 shares during the period. Finally, Catalina Capital Group LLC grew its holdings in Wells Fargo & Company by 1.7% during the 3rd quarter. Catalina Capital Group LLC now owns 9,886 shares of the financial services provider's stock valued at $558,000 after buying an additional 168 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on WFC shares. Piper Sandler increased their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Tuesday, December 3rd. UBS Group upped their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Royal Bank of Canada reissued a "sector perform" rating and issued a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Wolfe Research raised shares of Wells Fargo & Company from a "peer perform" rating to an "outperform" rating and set a $65.00 price target on the stock in a report on Tuesday, October 8th. Finally, Citigroup increased their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 19th. Thirteen equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $67.49.

Insider Buying and Selling

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 transaction of $2,169,650.00. Following the transaction, the executive vice president now owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 21.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ather Williams III sold 60,000 shares of the company'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 transaction, the executive vice president now directly owns 163,610 shares of the company's stock, valued at $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Wells Fargo & Company Trading Down 0.5 %

NYSE:WFC traded down $0.36 during trading hours on Friday, reaching $70.44. The company's stock had a trading volume of 16,794,527 shares, compared to its average volume of 17,978,080. 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 firm has a market capitalization of $234.53 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.49 and a beta of 1.16. The firm has a 50-day simple moving average of $68.96 and a 200-day simple moving average of $61.18. Wells Fargo & Company has a 1 year low of $46.12 and a 1 year high of $78.13.

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 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $20.40 billion. During the same quarter in the previous year, the business earned $1.39 earnings per share. The company's quarterly revenue was down 2.4% on a year-over-year basis. Research analysts expect that Wells Fargo & Company will post 5.43 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company's dividend 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.