Wells Fargo & Company (NYSE:WFC) Shares Sold by WP Advisors LLC

WP Advisors LLC trimmed its position in Wells Fargo & Company (NYSE:WFC) by 18.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,961 shares of the financial services provider’s stock after selling 3,341 shares during the period. WP Advisors LLC’s holdings in Wells Fargo & Company were worth $845,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. boosted its stake in 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 valued at $32,505,000 after buying an additional 11,037 shares in the last quarter. Chartwell Investment Partners LLC lifted its holdings in Wells Fargo & Company by 16.4% in the 3rd quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after acquiring an additional 18,717 shares during the last quarter. Argus Investors Counsel Inc. boosted its position in shares of Wells Fargo & Company by 34.6% during the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock valued at $1,780,000 after purchasing an additional 8,107 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its stake in shares of Wells Fargo & Company by 111.1% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 34,464 shares of the financial services provider’s stock worth $1,947,000 after purchasing an additional 18,138 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in shares of Wells Fargo & Company by 5.6% in the 3rd quarter. Assetmark Inc. now owns 382,717 shares of the financial services provider’s stock worth $21,620,000 after purchasing an additional 20,149 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $74.34 on Monday. Wells Fargo & Company has a one year low of $41.99 and a one year high of $74.41. The business’s 50-day moving average price is $61.17 and its two-hundred day moving average price is $59.30. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $247.51 billion, a P/E ratio of 15.46, a price-to-earnings-growth ratio of 1.55 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 the consensus estimate of $1.28 by $0.14. The business had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.39 EPS. Analysts anticipate that Wells Fargo & Company will post 5.42 earnings per share 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. Stockholders of record on Friday, November 8th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.15%. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Insider Buying and Selling

In other news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction on 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 sale, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This represents 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.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Jefferies Financial Group cut shares of 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. Piper Sandler raised 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. Wolfe Research raised 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. Compass Point increased their price target on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Finally, The Goldman Sachs Group cut their price objective on 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 research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and an average price target of $62.12.

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.