Legacy Private Trust Co. Buys 108,280 Shares of Wells Fargo & Company (NYSE:WFC)

Legacy Private Trust Co. increased its position in Wells Fargo & Company (NYSE:WFC) by 1,901.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,975 shares of the financial services provider’s stock after purchasing an additional 108,280 shares during the period. Legacy Private Trust Co.’s holdings in Wells Fargo & Company were worth $8,006,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Income Research & Management purchased a new stake in Wells Fargo & Company during the 3rd quarter valued at $211,000. Mattson Financial Services LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at $25,000. Modus Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company in the 2nd quarter worth about $26,000. Finally, Truvestments Capital LLC bought a new stake in Wells Fargo & Company in the 3rd quarter worth about $29,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on WFC. Keefe, Bruyette & Woods lifted their price target on shares of Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a research note on Tuesday, December 3rd. 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. Truist Financial assumed coverage on Wells Fargo & Company in a research note on Tuesday. They issued a “buy” rating and a $82.00 price target on the stock. UBS Group upped their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Barclays raised their target price on Wells Fargo & Company from $75.00 to $90.00 and gave the stock an “overweight” rating in a research report on Monday. Thirteen equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $69.24.

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the firm’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 directly owns 163,610 shares of the company’s stock, valued at $10,421,957. This trade represents a 26.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 value of $2,169,650.00. Following the completion of the transaction, the executive vice president now 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 owned by company insiders.

Wells Fargo & Company Price Performance

Shares of WFC traded down $0.04 during midday trading on Wednesday, hitting $71.55. 15,441,266 shares of the company traded hands, compared to its average volume of 12,396,836. The stock has a market cap of $238.23 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.47 and a beta of 1.18. The firm has a 50 day moving average of $71.77 and a 200-day moving average of $62.69. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. Wells Fargo & Company has a 52 week low of $46.12 and a 52 week high of $78.13.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.14. The business had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.39 EPS. On average, analysts forecast that Wells Fargo & Company will post 5.43 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

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.