Pinkerton Wealth LLC Makes New Investment in Wells Fargo & Company $WFC

Pinkerton Wealth LLC bought a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 8,966 shares of the financial services provider’s stock, valued at approximately $718,000.

Several other large investors have also recently made changes to their positions in the business. Legal & General Group Plc bought a new position in Wells Fargo & Company during the second quarter valued at about $1,635,881,000. Bank of New York Mellon Corp bought a new stake in Wells Fargo & Company in the second quarter worth about $1,364,923,000. Deutsche Bank AG bought a new stake in Wells Fargo & Company in the second quarter worth about $859,431,000. Pzena Investment Management LLC bought a new stake in Wells Fargo & Company in the second quarter worth about $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Wells Fargo & Company in the second quarter worth about $620,861,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Wells Fargo & Company from $102.00 to $101.00 and set an “overweight” rating for the company in a research report on Wednesday, October 14th. Royal Bank Of Canada decreased their price target on shares of Wells Fargo & Company from $100.00 to $92.00 and set an “outperform” rating for the company in a research note on Wednesday, October 14th. Truist Financial lifted their price target on shares of Wells Fargo & Company from $94.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, October 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Thursday, October 15th. Finally, The Goldman Sachs Group set a $94.00 price objective on Wells Fargo & Company in a report on Tuesday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $98.11.

Wells Fargo & Company Trading Down 0.0%

NYSE:WFC opened at $83.39 on Monday. The company has a 50-day moving average price of $84.33 and a 200-day moving average price of $83.70. The stock has a market cap of $250.32 billion, a price-to-earnings ratio of 11.76, a P/E/G ratio of 0.89 and a beta of 0.93. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.02. Wells Fargo & Company had a net margin of 17.64% and a return on equity of 14.05%. The company had revenue of $21.87 billion for the quarter, compared to analysts’ expectations of $22.30 billion. During the same quarter in the previous year, the company earned $1.66 earnings per share. Wells Fargo & Company’s quarterly revenue was up 2.0% on a year-over-year basis. Equities analysts predict that Wells Fargo & Company will post 7.27 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 6th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, November 6th. Wells Fargo & Company’s payout ratio is presently 28.21%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.