Old North State Trust LLC Has $543,000 Stake in Wells Fargo & Company (NYSE:WFC)

Old North State Trust LLC lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 21.2% during the third quarter, Holdings Channel reports. The fund owned 9,614 shares of the financial services provider’s stock after buying an additional 1,680 shares during the quarter. Old North State Trust LLC’s holdings in Wells Fargo & Company were worth $543,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mattson Financial Services LLC bought a new position in shares of Wells Fargo & Company during the 2nd quarter worth about $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company in the 2nd quarter valued at about $26,000. Truvestments Capital LLC acquired a new position in Wells Fargo & Company during the 3rd quarter worth approximately $29,000. MidAtlantic Capital Management Inc. bought a new position in Wells Fargo & Company in the third quarter worth approximately $34,000. Finally, FSA Wealth Management LLC acquired a new stake in Wells Fargo & Company in the third quarter valued at approximately $34,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Down 1.1 %

Shares of NYSE:WFC opened at $70.80 on Friday. The firm has a fifty day moving average price of $68.69 and a two-hundred day moving average price of $61.11. The company has a market cap of $235.73 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 1.49 and a beta of 1.16. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. Wells Fargo & Company has a one year low of $46.12 and a one year high of $78.13.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data 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. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The company had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. During the same quarter last year, the company earned $1.39 earnings per share. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. Analysts anticipate that Wells Fargo & Company will post 5.43 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Insider Buying and Selling at Wells Fargo & Company

In related news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. The trade was a 26.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president now owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Compass Point increased their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday. Piper Sandler lifted their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their target price on shares of Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a report on Tuesday, December 3rd. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft raised 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. Thirteen equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and an average target price of $67.49.

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.