Resources Management Corp CT ADV bought a new stake in shares of Wells Fargo & Co (NYSE:WFC) during the 3rd quarter, HoldingsChannel.com reports. The firm bought 167,882 shares of the financial services provider’s stock, valued at approximately $8,468,000. Wells Fargo & Co accounts for 1.6% of Resources Management Corp CT ADV’s portfolio, making the stock its 19th largest position.
A number of other large investors have also recently made changes to their positions in WFC. Horan Capital Advisors LLC. acquired a new stake in Wells Fargo & Co during the 3rd quarter worth about $25,000. Next Capital Management LLC acquired a new position in shares of Wells Fargo & Co in the 2nd quarter valued at about $32,000. NuWave Investment Management LLC lifted its position in shares of Wells Fargo & Co by 122.3% in the third quarter. NuWave Investment Management LLC now owns 798 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 439 shares in the last quarter. MV Capital Management Inc. lifted its position in shares of Wells Fargo & Co by 49.3% in the third quarter. MV Capital Management Inc. now owns 803 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 265 shares in the last quarter. Finally, Venturi Wealth Management LLC purchased a new stake in shares of Wells Fargo & Co in the third quarter worth approximately $42,000. 75.45% of the stock is currently owned by institutional investors.
NYSE WFC traded up $0.66 during trading on Wednesday, reaching $53.24. The company’s stock had a trading volume of 18,649,269 shares, compared to its average volume of 20,473,158. The business has a 50-day moving average price of $52.69 and a 200-day moving average price of $48.37. Wells Fargo & Co has a 1-year low of $43.02 and a 1-year high of $54.75. The stock has a market capitalization of $230.33 billion, a PE ratio of 12.16, a PEG ratio of 1.13 and a beta of 1.12. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.33.
The firm also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 3.83%. The ex-dividend date was Thursday, November 7th. Wells Fargo & Co’s payout ratio is 46.58%.
A number of brokerages recently commented on WFC. Piper Jaffray Companies set a $46.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a research report on Monday, September 9th. Odeon Capital Group downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. UBS Group downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and cut their target price for the stock from $51.00 to $49.00 in a research report on Tuesday, September 10th. BMO Capital Markets decreased their target price on shares of Wells Fargo & Co from $59.00 to $57.00 and set a “market perform” rating for the company in a research note on Wednesday, October 16th. Finally, Argus upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a report on Monday, September 30th. Five equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $49.75.
Wells Fargo & Co Company Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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