Acorn Wealth Advisors LLC Invests $240,000 in Wells Fargo & Company (NYSE:WFC)

Acorn Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,242 shares of the financial services provider’s stock, valued at approximately $240,000.

Several other hedge funds have also made changes to their positions in WFC. B. Riley Wealth Advisors Inc. increased its holdings in Wells Fargo & Company by 22.7% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 67,346 shares of the financial services provider’s stock valued at $3,903,000 after buying an additional 12,473 shares during the period. Tidal Investments LLC increased its stake in Wells Fargo & Company by 20.8% in the first quarter. Tidal Investments LLC now owns 88,063 shares of the financial services provider’s stock valued at $5,103,000 after acquiring an additional 15,139 shares during the period. Coppell Advisory Solutions Corp. acquired a new position in Wells Fargo & Company in the first quarter worth about $2,773,000. Beacon Capital Management LLC raised its position in Wells Fargo & Company by 18.2% in the first quarter. Beacon Capital Management LLC now owns 1,316 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 203 shares in the last quarter. Finally, Western Pacific Wealth Management LP lifted its stake in Wells Fargo & Company by 20.2% during the first quarter. Western Pacific Wealth Management LP now owns 8,734 shares of the financial services provider’s stock worth $506,000 after purchasing an additional 1,467 shares during the period. Institutional investors own 75.90% of the company’s stock.

Insider Transactions at Wells Fargo & Company

In related news, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction dated Monday, October 14th. The stock was 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 trade represents a 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

WFC has been the topic of several analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research note 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 report on Wednesday, September 11th. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and lowered their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Evercore ISI lifted their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Compass Point upped their price objective on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $63.07.

Wells Fargo & Company Trading Up 1.2 %

WFC opened at $76.88 on Tuesday. The firm has a 50 day simple moving average of $63.74 and a 200 day simple moving average of $59.91. Wells Fargo & Company has a fifty-two week low of $42.52 and a fifty-two week high of $77.31. The company has a market cap of $255.97 billion, a price-to-earnings ratio of 15.98, a price-to-earnings-growth ratio of 1.58 and a beta of 1.14. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick 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 earnings per share (EPS) for the quarter, topping 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 company had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. During the same period in the previous year, the company earned $1.39 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.42 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be issued a $0.40 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.08%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 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.