Gateway Investment Advisers LLC Sells 5,694 Shares of Wells Fargo & Company (NYSE:WFC)

by · The Markets Daily

Gateway Investment Advisers LLC cut its holdings in shares of Wells Fargo & Company (NYSE:WFC – Free Report) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 806,595 shares of the financial services provider’s stock after selling 5,694 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Wells Fargo & Company were worth $45,565,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Mattson Financial Services LLC acquired a new stake in Wells Fargo & Company during the second quarter worth about $25,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Wells Fargo & Company in the second quarter valued at $26,000. Valued Wealth Advisors LLC lifted its position in Wells Fargo & Company by 53.7% in the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 220 shares during the period. Transcendent Capital Group LLC bought a new stake in Wells Fargo & Company in the 4th quarter valued at $32,000. Finally, Beaird Harris Wealth Management LLC bought a new stake in Wells Fargo & Company in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 5.6 %

WFC traded up $3.24 during trading on Friday, reaching $60.99. 37,049,236 shares of the company’s stock were exchanged, compared to its average volume of 17,983,938. The company’s fifty day moving average price is $55.39 and its 200-day moving average price is $57.78. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a market capitalization of $212.63 billion, a PE ratio of 12.52, a P/E/G ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $38.58 and a fifty-two week high of $62.55.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its earnings results on Friday, October 11th. The financial services provider reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.25. The firm had revenue of $20.37 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.39 earnings per share. As a group, equities analysts forecast that Wells Fargo & Company will post 5.12 EPS for the current year.

Wells Fargo & Company Increases Dividend

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

Analyst Ratings Changes

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

Read Our Latest Stock Report on Wells Fargo & Company

Wells Fargo & Company Profile

(Free Report)

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.

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