Castle Rock Wealth Management LLC Boosts Stake in Wells Fargo & Company (NYSE:WFC)

Castle Rock Wealth Management LLC grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 6.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,626 shares of the financial services provider’s stock after buying an additional 1,273 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,179,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Marshall Wace LLP boosted its position in Wells Fargo & Company by 3,295.6% in the second quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock worth $138,493,000 after purchasing an additional 2,404,898 shares during the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of Wells Fargo & Company by 67.1% in the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after buying an additional 2,349,595 shares during the last quarter. Rokos Capital Management LLP grew its position in Wells Fargo & Company by 141.6% during the first quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock valued at $151,853,000 after buying an additional 1,536,152 shares during the period. Mn Services Vermogensbeheer B.V. purchased a new stake in Wells Fargo & Company during the first quarter worth about $84,819,000. Finally, Canada Pension Plan Investment Board raised its position in Wells Fargo & Company by 38.1% in the first quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock worth $297,411,000 after acquiring an additional 1,415,647 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

NYSE:WFC traded up $3.25 during trading hours on Friday, hitting $61.00. 15,923,267 shares of the company’s stock traded hands, compared to its average volume of 17,876,719. Wells Fargo & Company has a 52 week low of $38.58 and a 52 week high of $62.55. The business’s fifty day simple moving average is $55.24 and its two-hundred day simple moving average is $57.75. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The firm has a market cap of $212.67 billion, a P/E ratio of 12.53, a P/E/G ratio of 1.46 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the company posted $1.39 EPS. On average, research analysts anticipate that Wells Fargo & Company will post 5.12 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a $0.40 dividend. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.62%. Wells Fargo & Company’s dividend payout ratio is presently 32.85%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. 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 note on Tuesday. Evercore ISI raised their target price on Wells Fargo & Company from $65.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and dropped their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. BMO Capital Markets lifted their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Finally, Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Tuesday, September 3rd. Twelve research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and an average target price of $60.65.

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.