Spartan Planning & Wealth Management Acquires New Shares in Wells Fargo & Company (NYSE:WFC)

Spartan Planning & Wealth Management bought a new position in Wells Fargo & Company (NYSE:WFC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 6,052 shares of the financial services provider’s stock, valued at approximately $425,000.

Other hedge funds have also added to or reduced their stakes in the company. Two Sigma Advisers LP boosted its position in shares of Wells Fargo & Company by 730.4% in the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock valued at $336,375,000 after acquiring an additional 5,237,500 shares during the period. Canoe Financial LP bought a new position in Wells Fargo & Company in the 3rd quarter valued at $160,529,000. Marshall Wace LLP grew its position in shares of Wells Fargo & Company by 3,295.6% during the 2nd quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock valued at $138,493,000 after purchasing an additional 2,404,898 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Wells Fargo & Company by 158.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock worth $153,069,000 after purchasing an additional 1,659,716 shares during the period. Finally, National Pension Service raised its position in shares of Wells Fargo & Company by 15.2% in the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after buying an additional 897,195 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WFC. Citigroup lifted their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Piper Sandler lifted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. UBS Group lifted their price objective 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. Finally, Truist Financial began coverage on Wells Fargo & Company in a research report on Tuesday. They set a “buy” rating and a $82.00 price target on the stock. Thirteen research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $69.24.

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. This represents a 26.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. The trade was a 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

Wells Fargo & Company Stock Performance

NYSE WFC traded up $0.56 during trading hours on Tuesday, hitting $72.59. The company’s stock had a trading volume of 5,795,514 shares, compared to its average volume of 9,645,175. The company’s 50 day simple moving average is $71.64 and its two-hundred day simple moving average is $62.60. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market cap of $241.69 billion, a P/E ratio of 15.09, a price-to-earnings-growth ratio of 1.47 and a beta of 1.18. Wells Fargo & Company has a 12 month low of $46.12 and a 12 month high of $78.13.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion for 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 firm’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company posted $1.39 earnings per share. As a group, sell-side 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 disclosed a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Wells Fargo & 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.