QRG Capital Management Inc. Acquires 6,839 Shares of Wells Fargo & Company (NYSE:WFC)

by · The Cerbat Gem

QRG Capital Management Inc. grew its position in Wells Fargo & Company (NYSE:WFC) by 1.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 702,795 shares of the financial services provider’s stock after acquiring an additional 6,839 shares during the period. QRG Capital Management Inc.’s holdings in Wells Fargo & Company were worth $39,701,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of WFC. Bryn Mawr Capital Management LLC bought a new position in shares of Wells Fargo & Company in the 1st quarter valued at about $213,000. Lincoln National Corp boosted its holdings in shares of Wells Fargo & Company by 5.9% during the 1st quarter. Lincoln National Corp now owns 46,786 shares of the financial services provider’s stock worth $2,712,000 after buying an additional 2,620 shares during the period. Financial Counselors Inc. boosted its holdings in shares of Wells Fargo & Company by 11.2% during the 1st quarter. Financial Counselors Inc. now owns 15,196 shares of the financial services provider’s stock worth $881,000 after buying an additional 1,535 shares during the period. Proficio Capital Partners LLC boosted its holdings in shares of Wells Fargo & Company by 4.6% during the 1st quarter. Proficio Capital Partners LLC now owns 7,259 shares of the financial services provider’s stock worth $423,000 after buying an additional 320 shares during the period. Finally, AA Financial Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth about $378,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 1.4 %

Shares of Wells Fargo & Company stock opened at $63.80 on Monday. The firm has a market capitalization of $217.16 billion, a PE ratio of 13.45, a price-to-earnings-growth ratio of 1.46 and a beta of 1.14. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average is $58.50 and its 200 day moving average is $58.56. Wells Fargo & Company has a 1 year low of $40.27 and a 1 year high of $66.39.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion for the quarter, compared to analyst estimates 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 revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.39 EPS. Equities research analysts forecast that Wells Fargo & Company will post 5.36 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

Insiders Place Their Bets

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

Analyst Ratings Changes

WFC has been the subject of several research analyst reports. Piper Sandler lifted their target price on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Compass Point lifted their price objective on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and dropped their price objective for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Keefe, Bruyette & Woods dropped their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research note on Monday, July 15th. Finally, BMO Capital Markets lifted their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Thirteen research 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 stock. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and a consensus target price of $62.12.

View Our Latest Research Report on WFC

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.

Featured Stories

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC – Free Report).