Palisade Asset Management LLC Has $922,000 Stake in Wells Fargo & Company (NYSE:WFC)

Palisade Asset Management LLC reduced its stake in Wells Fargo & Company (NYSE:WFC) by 3.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 16,313 shares of the financial services provider’s stock after selling 500 shares during the quarter. Palisade Asset Management LLC’s holdings in Wells Fargo & Company were worth $922,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. CreativeOne Wealth LLC lifted its position in Wells Fargo & Company by 96.7% during the 1st quarter. CreativeOne Wealth LLC now owns 9,278 shares of the financial services provider’s stock worth $538,000 after acquiring an additional 4,560 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in Wells Fargo & Company by 8.9% in the 1st quarter. Advisors Asset Management Inc. now owns 41,715 shares of the financial services provider’s stock valued at $2,418,000 after buying an additional 3,418 shares during the last quarter. Steel Grove Capital Advisors LLC increased its position in Wells Fargo & Company by 51.0% in the 1st quarter. Steel Grove Capital Advisors LLC now owns 7,402 shares of the financial services provider’s stock worth $429,000 after buying an additional 2,500 shares during the period. QVR LLC bought a new position in Wells Fargo & Company in the 1st quarter worth approximately $236,000. Finally, Ascent Group LLC lifted its holdings in shares of Wells Fargo & Company by 295.6% during the first quarter. Ascent Group LLC now owns 35,587 shares of the financial services provider’s stock worth $2,063,000 after buying an additional 26,591 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Insider Transactions at Wells Fargo & Company

In other news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction dated 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 of the company’s stock, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of research reports. 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. Royal Bank of Canada restated a “sector perform” rating and set a $61.00 price objective on shares of Wells Fargo & Company in a report on Monday, October 14th. Compass Point increased their target price on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Wolfe Research upgraded 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 note on Tuesday, October 8th. Finally, Evercore ISI upped their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Thirteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Hold” and an average price target of $63.07.

Wells Fargo & Company Stock Up 1.5 %

Shares of WFC opened at $75.96 on Friday. The business’s 50 day simple moving average is $63.28 and its 200-day simple moving average is $59.81. Wells Fargo & Company has a one year low of $42.52 and a one year high of $76.08. The company has a market capitalization of $252.91 billion, a P/E ratio of 15.79, a PEG ratio of 1.56 and a beta of 1.14. 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 (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter in the prior year, the business earned $1.39 earnings per share. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders 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 2.11%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is presently 33.26%.

About Wells Fargo & Company

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.