53,416 Shares of Wells Fargo & Company $WFC Bought by Associated Banc Corp

Key Points

• Associated Banc Corp opened a new Wells Fargo position, purchasing 53,416 shares worth approximately $4.28 million in the third quarter. Institutional investors and hedge funds own 75.9% of WFC shares.
• Wells Fargo’s latest quarterly results beat EPS expectations at $1.87, but revenue of $21.87 billion came in below forecasts; revenue rose 2% year over year.
• The company announced a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a 2.3% yield. Analysts’ consensus rating is “Moderate Buy,” with a $98.11 price target.

Associated Banc Corp purchased a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 53,416 shares of the financial services provider's stock, valued at approximately $4,276,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Next Level Wealth Planning LLC acquired a new position in Wells Fargo & Company in the 3rd quarter valued at about $27,000. Phillip James Consulting Co. acquired a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $28,000. Security National Bank of Sioux City Iowa IA purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at approximately $28,000. Main Street Group LTD purchased a new stake in shares of Wells Fargo & Company during the 1st quarter valued at approximately $29,000. Finally, Dunhill Financial LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at approximately $30,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 2.2%

Shares of WFC stock opened at $87.45 on Thursday. The business's 50 day moving average is $84.43 and its two-hundred day moving average is $83.63. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The company has a market capitalization of $262.51 billion, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 0.92 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 (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, October 13th. The financial services provider reported $1.87 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $22.30 billion. During the same quarter last year, the business earned $1.66 EPS. The business's revenue was up 2.0% on a year-over-year basis. Equities analysts forecast that Wells Fargo & Company will post 7.27 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, November 6th. Wells Fargo & Company's payout ratio is presently 28.21%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on WFC shares. Morgan Stanley lowered their price target on Wells Fargo & Company from $102.00 to $101.00 and set an "overweight" rating for the company in a report on Wednesday, October 14th. JPMorgan Chase & Co. increased their target price on shares of Wells Fargo & Company from $91.50 to $92.00 and gave the stock a "neutral" rating in a research note on Friday, October 30th. UBS Group dropped their price objective on Wells Fargo & Company from $104.00 to $102.00 and set a "buy" rating for the company in a research note on Monday, October 5th. The Goldman Sachs Group set a $94.00 target price on shares of Wells Fargo & Company in a research note on Tuesday, October 13th. Finally, TD Cowen initiated coverage on Wells Fargo & Company in a research report on Thursday, October 8th. They issued a "buy" rating and a $95.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.11.

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.

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