Elgethun Capital Management Increases Position in Wells Fargo & Company (NYSE:WFC)

Elgethun Capital Management boosted its position in Wells Fargo & Company (NYSE:WFC) by 0.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 87,779 shares of the financial services provider’s stock after acquiring an additional 813 shares during the period. Elgethun Capital Management’s holdings in Wells Fargo & Company were worth $3,746,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of WFC. Carson Advisory Inc. lifted its position in Wells Fargo & Company by 1.6% during the second quarter. Carson Advisory Inc. now owns 13,371 shares of the financial services provider’s stock worth $571,000 after buying an additional 217 shares during the period. Main Street Research LLC increased its stake in shares of Wells Fargo & Company by 1.2% during the 2nd quarter. Main Street Research LLC now owns 19,615 shares of the financial services provider’s stock valued at $837,000 after acquiring an additional 226 shares during the last quarter. First Bank & Trust lifted its holdings in shares of Wells Fargo & Company by 1.0% during the 2nd quarter. First Bank & Trust now owns 23,900 shares of the financial services provider’s stock worth $1,020,000 after acquiring an additional 233 shares during the period. Cape Cod Five Cents Savings Bank boosted its position in shares of Wells Fargo & Company by 4.6% in the fourth quarter. Cape Cod Five Cents Savings Bank now owns 5,625 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 245 shares during the last quarter. Finally, Nicolet Advisory Services LLC grew its holdings in Wells Fargo & Company by 2.3% in the first quarter. Nicolet Advisory Services LLC now owns 11,859 shares of the financial services provider’s stock valued at $449,000 after purchasing an additional 262 shares during the period. 72.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on WFC shares. Atlantic Securities increased their price target on shares of Wells Fargo & Company from $50.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, August 1st. HSBC began coverage on Wells Fargo & Company in a report on Thursday, September 7th. They issued a “hold” rating and a $45.00 target price on the stock. Morgan Stanley upped their price target on Wells Fargo & Company from $49.00 to $52.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 1st. UBS Group lifted their price objective on Wells Fargo & Company from $51.00 to $53.00 in a research note on Thursday, October 12th. Finally, StockNews.com assumed coverage on shares of Wells Fargo & Company in a research report on Thursday, October 5th. They set a “hold” rating for the company. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

Insider Buying and Selling

In other news, Director Richard K. Davis acquired 3,500 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were purchased at an average price of $41.22 per share, for a total transaction of $144,270.00. Following the completion of the purchase, the director now directly owns 4,244 shares of the company’s stock, valued at approximately $174,937.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.07% of the company’s stock.

Wells Fargo & Company Stock Down 0.7 %

Shares of NYSE WFC traded down $0.32 during midday trading on Tuesday, reaching $42.47. 4,440,565 shares of the company’s stock were exchanged, compared to its average volume of 19,302,375. The stock has a market capitalization of $154.24 billion, a PE ratio of 9.24, a price-to-earnings-growth ratio of 0.82 and a beta of 1.17. Wells Fargo & Company has a 52-week low of $35.25 and a 52-week high of $48.84. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.87 and a current ratio of 0.87. The business’s fifty day moving average price is $40.95 and its two-hundred day moving average price is $41.78.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.15. The business had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.09 billion. Wells Fargo & Company had a net margin of 17.06% and a return on equity of 11.18%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.30 earnings per share. Analysts forecast that Wells Fargo & Company will post 5.06 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 3rd will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, November 2nd. This represents a $1.40 annualized dividend and a dividend yield of 3.30%. Wells Fargo & Company’s payout ratio is 30.24%.

Wells Fargo & Company Profile

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.