Harvest Portfolios Group Inc. Boosts Stake in Wells Fargo & Company (NYSE:WFC)

Harvest Portfolios Group Inc. boosted its stake in Wells Fargo & Company (NYSE:WFC) by 7.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 104,128 shares of the financial services provider’s stock after purchasing an additional 7,303 shares during the period. Harvest Portfolios Group Inc.’s holdings in Wells Fargo & Company were worth $5,882,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Cardinal Capital Management Inc. increased its stake in shares of Wells Fargo & Company by 2.0% in the 3rd quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock worth $32,505,000 after purchasing an additional 11,037 shares in the last quarter. Argus Investors Counsel Inc. grew its stake in shares of Wells Fargo & Company by 34.6% during the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock valued at $1,780,000 after acquiring an additional 8,107 shares during the period. EP Wealth Advisors LLC raised its stake in Wells Fargo & Company by 40.0% during the 2nd quarter. EP Wealth Advisors LLC now owns 179,282 shares of the financial services provider’s stock worth $10,648,000 after acquiring an additional 51,234 shares during the period. Tocqueville Asset Management L.P. lifted its holdings in Wells Fargo & Company by 13.3% during the first quarter. Tocqueville Asset Management L.P. now owns 11,061 shares of the financial services provider’s stock valued at $641,000 after purchasing an additional 1,295 shares in the last quarter. Finally, Manning & Napier Advisors LLC bought a new position in shares of Wells Fargo & Company in the second quarter worth approximately $42,108,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Activity

In related news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company 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 sale, the executive vice president now owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Ather Williams III sold 60,000 shares of the firm’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 sale, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the transaction, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

WFC has been the subject of several recent analyst reports. Morgan Stanley dropped their target price on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and decreased their target price for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Royal Bank of Canada restated a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. The Goldman Sachs Group reduced their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their target price for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Thirteen research 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 company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $62.12.

Wells Fargo & Company Stock Up 8.9 %

Shares of Wells Fargo & Company stock opened at $69.77 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The company has a market cap of $237.48 billion, a P/E ratio of 13.32, a PEG ratio of 1.46 and a beta of 1.14. The firm’s 50 day moving average price is $58.80 and its 200-day moving average price is $58.62. Wells Fargo & Company has a 52-week low of $40.27 and a 52-week high of $69.77.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. During the same quarter in the prior year, the business posted $1.39 EPS. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, sell-side analysts predict that Wells Fargo & Company will post 5.36 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.29%. Wells Fargo & Company’s payout ratio is currently 33.26%.

Wells Fargo & 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.