Fortem Financial Group LLC Cuts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

17 Dec 2023, 12:34 by Mitch Edgeman · The Markets Daily

Fortem Financial Group LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC – Free Report) by 19.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 6,947 shares of the financial services provider’s stock after selling 1,627 shares during the period. Fortem Financial Group LLC’s holdings in Wells Fargo & Company were worth $284,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in WFC. Central Bank & Trust Co. boosted its holdings in shares of Wells Fargo & Company by 444.8% in the 3rd quarter. Central Bank & Trust Co. now owns 899 shares of the financial services provider’s stock valued at $37,000 after buying an additional 734 shares in the last quarter. Perpetual Ltd boosted its holdings in shares of Wells Fargo & Company by 6.5% in the 3rd quarter. Perpetual Ltd now owns 1,162,180 shares of the financial services provider’s stock valued at $47,487,000 after buying an additional 70,484 shares in the last quarter. Pacifica Partners Inc. boosted its holdings in shares of Wells Fargo & Company by 10.3% in the 3rd quarter. Pacifica Partners Inc. now owns 11,708 shares of the financial services provider’s stock valued at $460,000 after buying an additional 1,098 shares in the last quarter. Farmers Trust Co. boosted its holdings in shares of Wells Fargo & Company by 2.5% in the 3rd quarter. Farmers Trust Co. now owns 12,036 shares of the financial services provider’s stock valued at $492,000 after buying an additional 291 shares in the last quarter. Finally, Sendero Wealth Management LLC boosted its holdings in shares of Wells Fargo & Company by 1.0% in the 3rd quarter. Sendero Wealth Management LLC now owns 37,822 shares of the financial services provider’s stock valued at $1,545,000 after buying an additional 387 shares in the last quarter. Hedge funds and other institutional investors own 72.47% of the company’s stock.

Wells Fargo & Company Stock Down 0.4 %

WFC stock opened at $50.31 on Friday. The firm’s fifty day simple moving average is $42.40 and its 200-day simple moving average is $42.49. Wells Fargo & Company has a 12 month low of $35.25 and a 12 month high of $50.77. The company has a market capitalization of $182.71 billion, a P/E ratio of 10.87, a price-to-earnings-growth ratio of 0.93 and a beta of 1.18. 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 announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.15. Wells Fargo & Company had a net margin of 17.06% and a return on equity of 11.18%. The firm had revenue of $20.86 billion for the quarter, compared to the consensus estimate of $20.09 billion. During the same period in the prior year, the firm posted $1.30 earnings per share. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.05 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 3rd were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, November 2nd. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 30.24%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on WFC shares. BMO Capital Markets raised their price target on shares of Wells Fargo & Company from $52.00 to $54.00 and gave the company a “market perform” rating in a report on Monday, October 16th. The Goldman Sachs Group lifted their target price on shares of Wells Fargo & Company from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, December 1st. Odeon Capital Group upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $56.08 target price for the company in a research note on Thursday. Piper Sandler lifted their target price on shares of Wells Fargo & Company from $45.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, December 8th. Finally, Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday, December 4th. Eight 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.56.

Read Our Latest Analysis on WFC

Insider Buying and Selling

In other news, Director Richard K. Davis purchased 3,500 shares of the stock in a transaction that occurred on Thursday, November 9th. The shares were purchased at an average cost of $41.22 per share, with a total value of $144,270.00. Following the completion of the acquisition, the director now owns 4,244 shares of the company’s stock, valued at approximately $174,937.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.07% of the stock is currently owned by insiders.

About Wells Fargo & Company

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