Truvestments Capital LLC Invests $29,000 in Wells Fargo & Company (NYSE:WFC)

Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 520 shares of the financial services provider’s stock, valued at approximately $29,000.

Several other hedge funds also recently added to or reduced their stakes in WFC. Strategic Wealth Partners Ltd. acquired a new position in shares of Wells Fargo & Company during the first quarter valued at about $201,000. Cetera Advisor Networks LLC increased its stake in Wells Fargo & Company by 0.9% during the 1st quarter. Cetera Advisor Networks LLC now owns 351,445 shares of the financial services provider’s stock valued at $20,370,000 after purchasing an additional 3,258 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Wells Fargo & Company by 5.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 1,544,598 shares of the financial services provider’s stock worth $88,446,000 after buying an additional 86,333 shares during the last quarter. American Trust acquired a new stake in shares of Wells Fargo & Company during the first quarter worth $217,000. Finally, Transcend Capital Advisors LLC grew its holdings in shares of Wells Fargo & Company by 4.5% during the second quarter. Transcend Capital Advisors LLC now owns 52,615 shares of the financial services provider’s stock valued at $3,125,000 after buying an additional 2,252 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $61.99, for a total transaction 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 company insiders.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $77.21 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market capitalization of $257.07 billion, a PE ratio of 16.05, a P/E/G ratio of 1.60 and a beta of 1.14. Wells Fargo & Company has a fifty-two week low of $42.79 and a fifty-two week high of $78.13. The company has a fifty day moving average of $65.08 and a two-hundred day moving average of $60.25.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter in the previous year, the company earned $1.39 earnings per share. The company’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, research analysts forecast that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is presently 33.26%.

Wall Street Analyst Weigh In

A number of analysts have commented on WFC shares. Morgan Stanley lowered their price target on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and dropped their target price for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Compass Point increased their price target on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Piper Sandler lifted their price objective on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a research note on Tuesday, October 8th. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus price target of $63.07.

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.