Iowa State Bank Makes New Investment in Wells Fargo & Company $WFC

Iowa State Bank bought a new position in Wells Fargo & Company (NYSE:WFC) in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 6,332 shares of the financial services provider’s stock, valued at approximately $531,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Access Investment Management LLC purchased a new position in shares of Wells Fargo & Company in the second quarter worth approximately $25,000. CBIZ Investment Advisory Services LLC raised its holdings in Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 322 shares during the period. McElhenny Sheffield Capital Management LLC bought a new position in Wells Fargo & Company in the 2nd quarter worth $27,000. 1248 Management LLC purchased a new position in Wells Fargo & Company during the first quarter valued at $31,000. Finally, Kilter Group LLC bought a new stake in Wells Fargo & Company during the second quarter valued at about $31,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Trading Up 0.1%

Shares of WFC opened at $92.89 on Tuesday. The firm has a market capitalization of $291.58 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 0.96 and a beta of 1.11. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $94.26. The company has a 50-day moving average of $85.76 and a 200 day moving average of $81.93.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.18. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same period in the previous year, the company posted $1.42 EPS. Wells Fargo & Company’s revenue was up 5.3% on a year-over-year basis. On average, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 7th were issued a $0.45 dividend. The ex-dividend date was Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a yield of 1.9%. Wells Fargo & Company’s payout ratio is currently 29.61%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Cfra Research upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Morgan Stanley lifted their target price on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 15th. UBS Group dropped their price target on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.68.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.