Meyer Handelman Co. Purchases 1,108 Shares of Wells Fargo & Company (NYSE:WFC)

Posted by Defense World Staff on Apr 15th, 2023

Meyer Handelman Co. increased its position in Wells Fargo & Company (NYSE:WFC) by 0.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 254,542 shares of the financial services provider’s stock after acquiring an additional 1,108 shares during the quarter. Meyer Handelman Co.’s holdings in Wells Fargo & Company were worth $10,510,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Csenge Advisory Group raised its holdings in Wells Fargo & Company by 3.3% in the 3rd quarter. Csenge Advisory Group now owns 21,920 shares of the financial services provider’s stock worth $882,000 after acquiring an additional 700 shares during the period. Tevis Investment Management raised its holdings in Wells Fargo & Company by 19.4% in the 3rd quarter. Tevis Investment Management now owns 2,641 shares of the financial services provider’s stock worth $106,000 after acquiring an additional 430 shares during the period. Ulysses Management LLC raised its holdings in Wells Fargo & Company by 25.0% in the 3rd quarter. Ulysses Management LLC now owns 50,000 shares of the financial services provider’s stock worth $2,011,000 after acquiring an additional 10,000 shares during the period. LVW Advisors LLC raised its holdings in Wells Fargo & Company by 12.0% in the 3rd quarter. LVW Advisors LLC now owns 7,958 shares of the financial services provider’s stock worth $320,000 after acquiring an additional 853 shares during the period. Finally, Hartline Investment Corp bought a new position in Wells Fargo & Company in the 3rd quarter worth $355,000. Institutional investors own 72.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on WFC shares. Citigroup raised their price target on shares of Wells Fargo & Company from $48.00 to $52.00 in a research report on Tuesday, January 17th. Odeon Capital Group downgraded Wells Fargo & Company from a “buy” rating to a “hold” rating in a report on Monday, March 13th. Jefferies Financial Group downgraded Wells Fargo & Company from a “buy” rating to a “hold” rating and decreased their price objective for the company from $49.00 to $46.00 in a report on Tuesday, January 17th. StockNews.com assumed coverage on Wells Fargo & Company in a report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Raymond James raised Wells Fargo & Company from an “outperform” rating to a “strong-buy” rating and decreased their price objective for the company from $52.00 to $47.00 in a report on Thursday, April 6th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.91.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $39.64 on Friday. The firm has a market cap of $149.72 billion, a PE ratio of 12.62, a PEG ratio of 0.82 and a beta of 1.12. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.08. Wells Fargo & Company has a 1-year low of $35.25 and a 1-year high of $49.49. The company has a fifty day moving average price of $42.26 and a 200 day moving average price of $43.45.

Wells Fargo & Company (NYSE:WFC – Get Rating) last announced its earnings results on Friday, April 14th. The financial services provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.05. Wells Fargo & Company had a net margin of 15.91% and a return on equity of 9.28%. The firm had revenue of $20.73 billion during the quarter, compared to analyst estimates of $20.06 billion. During the same period in the prior year, the business earned $0.88 EPS. The company’s revenue for the quarter was up 16.9% compared to the same quarter last year. Research analysts predict that Wells Fargo & Company will post 4.66 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Friday, February 3rd were paid a $0.30 dividend. The ex-dividend date was Thursday, February 2nd. This represents a $1.20 annualized dividend and a yield of 3.03%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 38.22%.

Insider Activity at Wells Fargo & Company

In related news, EVP Kleber Santos sold 34,698 shares of the firm’s stock in a transaction dated Thursday, February 23rd. The shares were sold at an average price of $46.27, for a total value of $1,605,476.46. Following the completion of the sale, the executive vice president now directly owns 19,590 shares in the company, valued at approximately $906,429.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.07% of the stock is currently owned by company insiders.

Wells Fargo & Company Profile

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