First Interstate Bank Invests $242,000 in Wells Fargo & Company (NYSE:WFC)

First Interstate Bank bought a new stake in Wells Fargo & Company (NYSE:WFC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,288 shares of the financial services provider’s stock, valued at approximately $242,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Creative Capital Management Investments LLC acquired a new stake in shares of Wells Fargo & Company during the third quarter worth $113,000. Lowe Brockenbrough & Co. Inc. lifted its position in Wells Fargo & Company by 0.7% during the third quarter. Lowe Brockenbrough & Co. Inc. now owns 57,035 shares of the financial services provider’s stock worth $3,222,000 after buying an additional 402 shares during the period. Americana Partners LLC boosted its stake in Wells Fargo & Company by 6.1% in the 3rd quarter. Americana Partners LLC now owns 8,790 shares of the financial services provider’s stock worth $497,000 after buying an additional 503 shares during the last quarter. Gladstone Institutional Advisory LLC grew its holdings in Wells Fargo & Company by 259.6% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 34,403 shares of the financial services provider’s stock valued at $1,943,000 after buying an additional 24,835 shares during the period. Finally, Interchange Capital Partners LLC increased its stake in shares of Wells Fargo & Company by 3.3% during the 3rd quarter. Interchange Capital Partners LLC now owns 8,215 shares of the financial services provider’s stock valued at $464,000 after acquiring an additional 265 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on WFC shares. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their target price for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Morgan Stanley dropped their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Evercore ISI lifted their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday. Piper Sandler lifted their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, Jefferies Financial Group downgraded 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 research report on Friday, August 16th. Thirteen research 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’s stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and an average target price of $62.12.

Insider Buying and Selling at Wells Fargo & Company

In related news, EVP Ather Williams III sold 60,000 shares of the 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Beurden Saul Van sold 35,000 shares of the firm’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 directly owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded down $0.24 during trading hours on Friday, reaching $64.68. The company’s stock had a trading volume of 13,313,938 shares, compared to its average volume of 17,995,393. Wells Fargo & Company has a one year low of $39.39 and a one year high of $66.39. The company’s 50 day simple moving average is $58.50 and its 200 day simple moving average is $58.54. 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 stock has a market cap of $220.16 billion, a P/E ratio of 13.45, a price-to-earnings-growth ratio of 1.48 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The company had revenue of $20.37 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.39 earnings per share. As a group, analysts expect that Wells Fargo & Company will post 5.36 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a yield of 2.47%. Wells Fargo & Company’s payout ratio is currently 33.26%.

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.