Peak Asset Management LLC Has $1.69 Million Stake in Wells Fargo & Company (NYSE:WFC)

Peak Asset Management LLC trimmed its stake in Wells Fargo & Company (NYSE:WFC) by 3.1% in the third quarter, Holdings Channel.com reports. The firm owned 29,903 shares of the financial services provider’s stock after selling 944 shares during the quarter. Peak Asset Management LLC’s holdings in Wells Fargo & Company were worth $1,689,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Koshinski Asset Management Inc. acquired a new position in shares of Wells Fargo & Company in the first quarter worth $577,000. TBH Global Asset Management LLC increased its position in Wells Fargo & Company by 19.1% in the 1st quarter. TBH Global Asset Management LLC now owns 6,382 shares of the financial services provider’s stock worth $370,000 after purchasing an additional 1,022 shares during the last quarter. Kingsview Wealth Management LLC raised its stake in shares of Wells Fargo & Company by 25.9% during the 1st quarter. Kingsview Wealth Management LLC now owns 80,161 shares of the financial services provider’s stock worth $4,646,000 after purchasing an additional 16,492 shares in the last quarter. Orion Portfolio Solutions LLC lifted its holdings in shares of Wells Fargo & Company by 4.2% during the 1st quarter. Orion Portfolio Solutions LLC now owns 134,127 shares of the financial services provider’s stock valued at $7,774,000 after buying an additional 5,388 shares during the last quarter. Finally, Leo Wealth LLC grew its stake in shares of Wells Fargo & Company by 5.3% in the 1st quarter. Leo Wealth LLC now owns 4,747 shares of the financial services provider’s stock valued at $275,000 after buying an additional 241 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on WFC shares. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a research note on Tuesday, October 8th. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and reduced their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft raised 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. Morgan Stanley reduced 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. Finally, Compass Point increased their price objective on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Thirteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $62.12.

Wells Fargo & Company Stock Up 0.3 %

WFC stock opened at $72.79 on Thursday. Wells Fargo & Company has a twelve month low of $41.46 and a twelve month high of $74.27. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The company has a market cap of $242.35 billion, a PE ratio of 15.13, a price-to-earnings-growth ratio of 1.51 and a beta of 1.14. The business’s 50-day simple moving average is $60.15 and its 200 day simple moving average is $59.01.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping 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 return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.39 EPS. On average, research analysts anticipate that Wells Fargo & Company will post 5.42 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.20%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Insider Activity

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

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.