Wells Fargo & Company (NYSE:WFC) Shares Sold by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC cut its stake in Wells Fargo & Company (NYSE:WFC) by 7.3% in the third quarter, Holdings Channel.com reports. The firm owned 5,451 shares of the financial services provider’s stock after selling 430 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Wells Fargo & Company were worth $308,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Mattson Financial Services LLC purchased a new stake in Wells Fargo & Company in the 2nd quarter valued at $25,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Wells Fargo & Company during the 2nd quarter valued at about $26,000. Valued Wealth Advisors LLC grew its holdings in shares of Wells Fargo & Company by 53.7% in the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 220 shares during the period. J.Safra Asset Management Corp increased its position in Wells Fargo & Company by 704.3% during the first quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 648 shares during the last quarter. Finally, Fairscale Capital LLC purchased a new position in Wells Fargo & Company during the second quarter worth about $47,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.7 %

NYSE:WFC opened at $64.92 on Friday. Wells Fargo & Company has a 12-month low of $39.24 and a 12-month high of $66.39. The firm has a market cap of $220.97 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 1.48 and a beta of 1.16. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The stock has a fifty day moving average price of $58.34 and a 200 day moving average price of $58.48.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The business had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter last year, the business posted $1.39 EPS. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. Sell-side analysts anticipate that Wells Fargo & Company will post 5.36 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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 issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company 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 sale, 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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the firm’s 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 sale, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This represents 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.

Wall Street Analysts Forecast Growth

WFC has been the subject of several analyst reports. Piper Sandler increased their price target on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Royal Bank of Canada reissued a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a research note on Monday, October 14th. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research report on Tuesday, October 8th. BMO Capital Markets raised their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research report on Thursday, July 11th. Finally, The Goldman Sachs Group reduced their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Thirteen 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 data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and a consensus target price of $62.12.

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.