Portfolio Design Labs LLC Increases Holdings in Wells Fargo & Company (NYSE:WFC)

Portfolio Design Labs LLC increased its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 41.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 56,314 shares of the financial services provider's stock after buying an additional 16,428 shares during the period. Wells Fargo & Company comprises approximately 0.9% of Portfolio Design Labs LLC's holdings, making the stock its 28th biggest position. Portfolio Design Labs LLC's holdings in Wells Fargo & Company were worth $3,181,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of WFC. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Wells Fargo & Company by 21.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 546,624 shares of the financial services provider's stock valued at $30,879,000 after purchasing an additional 98,015 shares during the period. Hilton Capital Management LLC boosted its stake in Wells Fargo & Company by 3.0% during the 3rd quarter. Hilton Capital Management LLC now owns 175,199 shares of the financial services provider's stock valued at $9,897,000 after purchasing an additional 5,123 shares during the period. Strategy Asset Managers LLC acquired a new position in Wells Fargo & Company during the 3rd quarter valued at about $691,000. Prospera Private Wealth LLC acquired a new position in Wells Fargo & Company during the 3rd quarter valued at about $132,000. Finally, Avior Wealth Management LLC boosted its stake in Wells Fargo & Company by 8.9% during the 3rd quarter. Avior Wealth Management LLC now owns 62,507 shares of the financial services provider's stock valued at $3,531,000 after purchasing an additional 5,103 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a "neutral" rating in a research note on Tuesday. 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 on the stock in a research note 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 target price for the company in a research report on Tuesday, October 8th. Phillip Securities raised shares of Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and upped their price objective for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Finally, Morgan Stanley dropped their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an "overweight" rating for the company in a research note on Monday, September 30th. Thirteen 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. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Hold" and an average target price of $63.07.

Insider Activity

In other Wells Fargo & Company news, 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 transaction, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Beurden Saul Van sold 35,000 shares of the company's stock in a transaction that occurred on 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 directly owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 21.65 % 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 insiders.

Wells Fargo & Company Stock Up 0.2 %

Shares of NYSE:WFC traded up $0.15 during midday trading on Wednesday, hitting $73.58. The stock had a trading volume of 14,309,574 shares, compared to its average volume of 18,099,178. Wells Fargo & Company has a 12 month low of $42.15 and a 12 month high of $74.70. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The business's 50-day simple moving average is $61.95 and its 200-day simple moving average is $59.49. The company has a market cap of $244.98 billion, a P/E ratio of 15.22, a PEG ratio of 1.55 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 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 14.43% and a return on equity of 12.25%. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.39 earnings per share. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

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 $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company's dividend payout ratio is currently 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.