Charles Schwab Investment Management Inc. Sells 367,144 Shares of Wells Fargo & Company (NYSE:WFC)

Charles Schwab Investment Management Inc. reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,562,173 shares of the financial services provider’s stock after selling 367,144 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Wells Fargo & Company were worth $1,274,537,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of WFC. Dimensional Fund Advisors LP lifted its position in shares of Wells Fargo & Company by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock worth $1,178,591,000 after buying an additional 831,975 shares during the last quarter. National Pension Service grew its holdings in shares of Wells Fargo & Company by 15.2% during the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock valued at $383,532,000 after purchasing an additional 897,195 shares during the last quarter. Diamond Hill Capital Management Inc. increased its position in Wells Fargo & Company by 2.5% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider’s stock worth $375,183,000 after purchasing an additional 162,066 shares in the last quarter. 1832 Asset Management L.P. lifted its stake in Wells Fargo & Company by 67.1% in the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock valued at $339,226,000 after purchasing an additional 2,349,595 shares during the last quarter. Finally, First Pacific Advisors LP boosted its position in Wells Fargo & Company by 2.1% in the second quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider’s stock valued at $313,500,000 after buying an additional 108,480 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on WFC shares. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a report on Tuesday, October 8th. The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Citigroup boosted their target price on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday. Piper Sandler boosted their price objective on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Compass Point raised their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Thirteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $63.07.

Wells Fargo & Company Stock Up 1.1 %

Wells Fargo & Company stock opened at $74.36 on Thursday. Wells Fargo & Company has a twelve month low of $42.40 and a twelve month high of $74.70. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average price of $62.35 and a 200-day moving average price of $59.59. The company has a market capitalization of $247.58 billion, a P/E ratio of 15.30, a P/E/G ratio of 1.53 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The company had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. During the same period in the prior year, the company posted $1.39 EPS. Wells Fargo & Company’s revenue was down 2.4% compared to the same quarter last year. As a group, equities analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Insider Activity at Wells Fargo & Company

In related news, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the completion of the transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

Wells Fargo & Company 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.