TCW Group Inc. Purchases 98,247 Shares of Wells Fargo & Company (NYSE:WFC)

TCW Group Inc. increased its position in Wells Fargo & Company (NYSE:WFC) by 21.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 556,662 shares of the financial services provider’s stock after buying an additional 98,247 shares during the quarter. TCW Group Inc.’s holdings in Wells Fargo & Company were worth $31,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Rehmann Capital Advisory Group boosted its stake in shares of Wells Fargo & Company by 1.7% in the 3rd quarter. Rehmann Capital Advisory Group now owns 30,826 shares of the financial services provider’s stock valued at $1,747,000 after purchasing an additional 521 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Wells Fargo & Company by 105.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,010,101 shares of the financial services provider’s stock worth $57,060,000 after buying an additional 518,524 shares during the period. Sunbelt Securities Inc. boosted its holdings in Wells Fargo & Company by 4.5% during the 3rd quarter. Sunbelt Securities Inc. now owns 23,830 shares of the financial services provider’s stock valued at $1,346,000 after acquiring an additional 1,027 shares during the period. Coldstream Capital Management Inc. grew its position in Wells Fargo & Company by 18.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 43,973 shares of the financial services provider’s stock worth $2,558,000 after acquiring an additional 6,841 shares during the last quarter. Finally, First Dallas Securities Inc. grew its position in Wells Fargo & Company by 2.7% during the 3rd quarter. First Dallas Securities Inc. now owns 7,550 shares of the financial services provider’s stock worth $426,000 after acquiring an additional 200 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on WFC. Citigroup increased their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. 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 report on Tuesday, October 8th. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and dropped their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Morgan Stanley reduced their price target on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Finally, Piper Sandler increased their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Thirteen analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $67.49.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $72.05 on Wednesday. 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 company has a 50 day simple moving average of $67.71 and a two-hundred day simple moving average of $60.88. Wells Fargo & Company has a fifty-two week low of $45.57 and a fifty-two week high of $78.13. The company has a market capitalization of $239.89 billion, a price-to-earnings ratio of 14.98, a P/E/G ratio of 1.55 and a beta of 1.16.

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 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 business had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. During the same period in the previous year, the company posted $1.39 earnings per share. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. Analysts expect that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s payout ratio is currently 33.26%.

Insider Activity at Wells Fargo & Company

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

Wells Fargo & Company 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.