MidAtlantic Capital Management Inc. Makes New Investment in Wells Fargo & Company (NYSE:WFC)

MidAtlantic Capital Management Inc. acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 599 shares of the financial services provider’s stock, valued at approximately $34,000.

A number of other large investors also recently modified their holdings of WFC. Income Research & Management bought a new position in shares of Wells Fargo & Company in the third quarter worth about $211,000. Mattson Financial Services LLC purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL bought a new position in Wells Fargo & Company in the 2nd quarter worth approximately $26,000. Valued Wealth Advisors LLC grew its holdings in Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after buying an additional 220 shares in the last quarter. Finally, Fairscale Capital LLC bought a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $47,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Buying and Selling at Wells Fargo & Company

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a research report on Monday, October 14th. The Goldman Sachs Group cut their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Compass Point lifted their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Evercore ISI increased their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Wolfe Research raised 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 report on Tuesday, October 8th. Thirteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $62.12.

Wells Fargo & Company Stock Down 0.3 %

WFC stock opened at $74.09 on Tuesday. The firm’s fifty day moving average is $61.56 and its 200 day moving average is $59.40. The firm has a market cap of $246.68 billion, a PE ratio of 15.40, a P/E/G ratio of 1.55 and a beta of 1.14. Wells Fargo & Company has a one year low of $42.15 and a one year high of $74.70. 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 (NYSE:WFC) last posted 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 firm had revenue of $20.37 billion for 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 company’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period last year, the firm earned $1.39 EPS. On average, research analysts forecast that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.16%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s 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.