Legacy Financial Group LLC Purchases 14,423 Shares of Wells Fargo & Company (NYSE:WFC)

by · The Cerbat Gem

Legacy Financial Group LLC raised its position in shares of Wells Fargo & Company (NYSE:WFC – Free Report) by 88.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,653 shares of the financial services provider’s stock after acquiring an additional 14,423 shares during the period. Legacy Financial Group LLC’s holdings in Wells Fargo & Company were worth $1,252,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Avaii Wealth Management LLC bought a new position in Wells Fargo & Company during the third quarter valued at $208,000. Valtinson Bruner Financial Planning LLC increased its position in Wells Fargo & Company by 4.3% during the third quarter. Valtinson Bruner Financial Planning LLC now owns 11,055 shares of the financial services provider’s stock valued at $452,000 after acquiring an additional 454 shares during the last quarter. Stratos Wealth Advisors LLC increased its position in Wells Fargo & Company by 10.6% during the third quarter. Stratos Wealth Advisors LLC now owns 21,029 shares of the financial services provider’s stock valued at $859,000 after acquiring an additional 2,009 shares during the last quarter. Simon Quick Advisors LLC grew its holdings in shares of Wells Fargo & Company by 19.7% in the third quarter. Simon Quick Advisors LLC now owns 8,831 shares of the financial services provider’s stock worth $361,000 after purchasing an additional 1,456 shares during the last quarter. Finally, Beach Investment Counsel Inc. PA grew its holdings in shares of Wells Fargo & Company by 45.5% in the third quarter. Beach Investment Counsel Inc. PA now owns 14,787 shares of the financial services provider’s stock worth $604,000 after purchasing an additional 4,623 shares during the last quarter. Institutional investors own 72.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. StockNews.com assumed coverage on shares of Wells Fargo & Company in a report on Thursday, October 5th. They issued a “hold” rating on the stock. BMO Capital Markets upped their price target on shares of Wells Fargo & Company from $52.00 to $54.00 and gave the stock a “market perform” rating in a report on Monday, October 16th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $44.00 price target on shares of Wells Fargo & Company in a report on Friday, September 22nd. UBS Group upped their price target on shares of Wells Fargo & Company from $51.00 to $53.00 in a report on Thursday, October 12th. Finally, Morgan Stanley increased their target price on shares of Wells Fargo & Company from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Monday, December 4th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus target price of $50.27.

Read Our Latest Stock Analysis on WFC

Wells Fargo & Company Stock Down 1.9 %

Shares of WFC stock traded down $0.92 during mid-day trading on Wednesday, hitting $48.41. 4,083,826 shares of the stock traded hands, compared to its average volume of 9,106,288. The stock has a market cap of $175.81 billion, a P/E ratio of 10.65, a P/E/G ratio of 1.00 and a beta of 1.17. The stock’s fifty day moving average is $44.55 and its two-hundred day moving average is $43.16. Wells Fargo & Company has a 52-week low of $35.25 and a 52-week high of $50.77. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.87 and a quick ratio of 0.87.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.24 by $0.15. The business had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.09 billion. Wells Fargo & Company had a net margin of 17.06% and a return on equity of 11.18%. The company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.30 earnings per share. Equities analysts predict that Wells Fargo & Company will post 4.98 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 3rd were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.89%. The ex-dividend date was Thursday, November 2nd. Wells Fargo & Company’s payout ratio is currently 30.24%.

Insider Activity at Wells Fargo & Company

In related news, Director Richard K. Davis acquired 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was purchased at an average cost of $41.22 per share, with a total value of $144,270.00. Following the transaction, the director now directly owns 4,244 shares of the company’s stock, valued at approximately $174,937.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.07% of the stock is currently owned by insiders.

Wells Fargo & Company Profile

(Free Report)

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

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