DAVENPORT & Co LLC Purchases 27,315 Shares of Wells Fargo & Company $WFC

DAVENPORT & Co LLC grew its position in Wells Fargo & Company (NYSE:WFC) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,137,691 shares of the financial services provider’s stock after purchasing an additional 27,315 shares during the period. DAVENPORT & Co LLC’s holdings in Wells Fargo & Company were worth $106,352,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Redmont Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at $27,000. Marquette Asset Management LLC lifted its holdings in Wells Fargo & Company by 472.4% during the third quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 274 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new position in Wells Fargo & Company during the third quarter worth about $30,000. Kilter Group LLC acquired a new position in Wells Fargo & Company in the second quarter valued at about $31,000. Finally, Imprint Wealth LLC bought a new stake in shares of Wells Fargo & Company in the third quarter worth about $31,000. 75.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

WFC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods raised their price target on Wells Fargo & Company from $92.00 to $101.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. JPMorgan Chase & Co. boosted their price objective on Wells Fargo & Company from $99.00 to $99.50 and gave the company a “neutral” rating in a research report on Monday, February 9th. Barclays increased their target price on Wells Fargo & Company from $94.00 to $113.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Robert W. Baird raised shares of Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 price target on the stock in a research note on Friday, February 13th. Finally, Wolfe Research reiterated an “outperform” rating and issued a $109.00 price target on shares of Wells Fargo & Company in a report on Wednesday, January 7th. Thirteen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $96.82.

Insider Activity at Wells Fargo & Company

In related news, EVP Ellen R. Patterson sold 60,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $87.40, for a total transaction of $5,244,000.00. Following the sale, the executive vice president owned 169,496 shares in the company, valued at approximately $14,813,950.40. This represents a 26.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Kleber Santos sold 25,000 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $87.72, for a total value of $2,193,000.00. Following the transaction, the executive vice president directly owned 79,876 shares of the company’s stock, valued at $7,006,722.72. This trade represents a 23.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 115,000 shares of company stock valued at $10,050,000. 0.08% of the stock is owned by insiders.

Wells Fargo & Company Stock Up 1.7%

Wells Fargo & Company stock opened at $79.61 on Wednesday. The company has a market cap of $245.64 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 0.85 and a beta of 1.08. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $97.76. The company has a fifty day simple moving average of $85.17 and a 200 day simple moving average of $86.32. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.05.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.10. Wells Fargo & Company had a net margin of 17.27% and a return on equity of 12.90%. The firm had revenue of $21.29 billion for the quarter, compared to analyst estimates of $21.63 billion. During the same period in the previous year, the business earned $1.43 EPS. The company’s revenue was up 4.5% compared to the same quarter last year. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, March 1st. Investors of record on Friday, February 6th were given a $0.45 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company’s payout ratio is currently 28.71%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.