First Citizens Bank & Trust Co. Has $2.15 Million Stake in Wells Fargo & Company (NYSE:WFC)

20 Oct 2024, 12:28 by Michael Walen · The Markets Daily

First Citizens Bank & Trust Co. lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC – Free Report) by 1.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 37,977 shares of the financial services provider’s stock after acquiring an additional 564 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Wells Fargo & Company were worth $2,145,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. &PARTNERS boosted its position in Wells Fargo & Company by 97.7% during the first quarter. &PARTNERS now owns 14,071 shares of the financial services provider’s stock worth $800,000 after purchasing an additional 6,955 shares during the period. Douglas Lane & Associates LLC lifted its stake in shares of Wells Fargo & Company by 8.0% during the 1st quarter. Douglas Lane & Associates LLC now owns 11,406 shares of the financial services provider’s stock worth $661,000 after buying an additional 842 shares during the last quarter. Cooper Financial Group bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth about $329,000. Opal Wealth Advisors LLC acquired a new position in Wells Fargo & Company in the 1st quarter valued at about $57,000. Finally, Ballentine Partners LLC raised its holdings in Wells Fargo & Company by 5.4% in the 1st quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock valued at $2,074,000 after acquiring an additional 1,835 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the sale, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the transaction, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Wells Fargo & Company Stock Down 0.0 %

Shares of NYSE WFC opened at $64.36 on Friday. The company has a market cap of $224.38 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 1.46 and a beta of 1.16. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 12 month low of $38.58 and a 12 month high of $64.78. The stock has a 50-day moving average price of $56.50 and a two-hundred day moving average price of $58.00.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The business had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same quarter in the prior year, the firm earned $1.39 EPS. The firm’s revenue was down 2.4% compared to the same quarter last year. As a group, analysts forecast that Wells Fargo & Company will post 5.12 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.49%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Tuesday, September 3rd. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a report on Tuesday, October 8th. Evercore ISI lifted their target price on Wells Fargo & Company from $68.00 to $71.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their target price for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Finally, Piper Sandler raised their price target on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Thirteen analysts have rated the stock with a hold rating, eight 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 a consensus target price of $61.82.

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