Morse Asset Management Inc Invests $487,000 in Wells Fargo & Company (NYSE:WFC)

Morse Asset Management Inc purchased a new position in Wells Fargo & Company (NYSE:WFC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,613 shares of the financial services provider’s stock, valued at approximately $487,000.

Several other hedge funds have also recently modified their holdings of WFC. Mattson Financial Services LLC purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Wells Fargo & Company during the 2nd quarter worth approximately $26,000. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $29,000. MidAtlantic Capital Management Inc. bought a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $34,000. Finally, FSA Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Buying and Selling

In other news, EVP Beurden Saul Van sold 35,000 shares of the firm’s 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. This represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $73.07 on Thursday. The firm has a 50-day simple moving average of $66.67 and a 200-day simple moving average of $60.61. The stock has a market capitalization of $243.29 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 1.57 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 52 week low of $44.41 and a 52 week high of $78.13.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.39 earnings per share. On average, equities analysts predict that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.19%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s payout ratio is currently 33.26%.

Wall Street Analyst Weigh In

WFC has been the subject of several recent analyst reports. Piper Sandler boosted their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research note on Tuesday, October 8th. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and cut their price target for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Morgan Stanley cut their price target on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Finally, The Goldman Sachs Group cut their price target on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $64.62.

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.