Wells Fargo & Company (NYSE:WFC) Shares Sold by Clear Harbor Asset Management LLC

Clear Harbor Asset Management LLC cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.0% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 51,768 shares of the financial services provider’s stock after selling 500 shares during the period. Clear Harbor Asset Management LLC’s holdings in Wells Fargo & Company were worth $2,924,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cardinal Capital Management Inc. lifted its position in shares of Wells Fargo & Company by 2.0% during the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock worth $32,505,000 after purchasing an additional 11,037 shares in the last quarter. Argus Investors Counsel Inc. grew its stake in shares of Wells Fargo & Company by 34.6% during the third quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock valued at $1,780,000 after acquiring an additional 8,107 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Wells Fargo & Company by 28.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock worth $27,441,000 after acquiring an additional 106,260 shares during the last quarter. FORVIS Wealth Advisors LLC lifted its stake in shares of Wells Fargo & Company by 154.2% in the first quarter. FORVIS Wealth Advisors LLC now owns 27,222 shares of the financial services provider’s stock worth $1,578,000 after acquiring an additional 16,515 shares in the last quarter. Finally, EP Wealth Advisors LLC grew its stake in Wells Fargo & Company by 40.0% during the 2nd quarter. EP Wealth Advisors LLC now owns 179,282 shares of the financial services provider’s stock valued at $10,648,000 after purchasing an additional 51,234 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC opened at $64.53 on Friday. Wells Fargo & Company has a one year low of $38.62 and a one year high of $65.95. The stock’s fifty day moving average is $57.60 and its 200-day moving average is $58.25. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $224.97 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The company had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. Wells Fargo & Company’s revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.39 EPS. Equities analysts anticipate that Wells Fargo & Company will post 5.36 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Tuesday, September 3rd. The Goldman Sachs Group reduced 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 report on Wednesday, September 11th. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a report on Tuesday, October 8th. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and reduced their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Finally, BMO Capital Markets boosted their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Thirteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $61.82.

Insider Activity

In related news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction 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 sale, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction on Monday, October 14th. The stock was 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 in the company, valued at $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

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.