Tealwood Asset Management Inc. Makes New Investment in Wells Fargo & Company (NYSE:WFC)

Tealwood Asset Management Inc. 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 23,964 shares of the financial services provider’s stock, valued at approximately $1,354,000.

Several other hedge funds have also made changes to their positions in the stock. Mattson Financial Services LLC bought 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 Wells Fargo & Company in the second quarter worth $26,000. Transcendent Capital Group LLC bought a new stake in Wells Fargo & Company in the 4th quarter valued at $32,000. Beaird Harris Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $34,000. Finally, Valued Wealth Advisors LLC boosted its position in shares of Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 220 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.7 %

WFC traded up $0.38 during mid-day trading on Tuesday, reaching $57.54. The stock had a trading volume of 2,845,419 shares, compared to its average volume of 17,893,834. The stock has a market capitalization of $200.60 billion, a P/E ratio of 11.82, a P/E/G ratio of 1.32 and a beta of 1.16. Wells Fargo & Company has a 52 week low of $38.58 and a 52 week high of $62.55. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The firm’s fifty day simple moving average is $55.31 and its two-hundred day simple moving average is $57.75.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business earned $1.25 earnings per share. On average, equities analysts predict that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.78%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s payout ratio is 32.85%.

Wall Street Analyst Weigh In

A number of brokerages have commented on WFC. Morgan Stanley cut their price target on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Evercore ISI boosted their price target on Wells Fargo & Company from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research note on Tuesday. Keefe, Bruyette & Woods reduced their target price on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research note on Monday, July 15th. Finally, 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. Twelve investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and an average target price of $60.65.

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.