Trust Asset Management LLC Has $2.44 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Trust Asset Management LLC lowered its stake in Wells Fargo & Company (NYSE:WFC) by 8.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 43,152 shares of the financial services provider’s stock after selling 3,890 shares during the period. Trust Asset Management LLC’s holdings in Wells Fargo & Company were worth $2,438,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of WFC. Mattson Financial Services LLC bought a new position in shares of Wells Fargo & Company in the second quarter worth about $25,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Wells Fargo & Company during the second quarter worth about $26,000. Truvestments Capital LLC bought a new position in Wells Fargo & Company in the 3rd quarter valued at approximately $29,000. MidAtlantic Capital Management Inc. acquired a new stake in Wells Fargo & Company during the 3rd quarter worth approximately $34,000. Finally, Valued Wealth Advisors LLC increased its position in Wells Fargo & Company by 53.7% in 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 during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction that occurred 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 $7,853,327.13. This represents a 21.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

WFC has been the subject of several analyst reports. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a research report on Tuesday, October 8th. Piper Sandler lifted their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Compass Point upped their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and lowered their price target for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $61.00 price objective on shares of Wells Fargo & Company in a research report on Monday, October 14th. Thirteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company has an average rating of “Hold” and an average price target of $63.07.

Wells Fargo & Company Stock Up 1.0 %

Shares of NYSE WFC traded up $0.74 during trading on Monday, hitting $76.70. The stock had a trading volume of 1,563,026 shares, compared to its average volume of 18,021,688. The firm has a fifty day moving average of $63.28 and a two-hundred day moving average of $59.80. The company has a market capitalization of $255.37 billion, a PE ratio of 15.79, a PEG ratio of 1.58 and a beta of 1.14. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. Wells Fargo & Company has a 12 month low of $42.52 and a 12 month high of $76.92.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. During the same period in the previous year, the company earned $1.39 earnings per share. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

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.