Wells Fargo & Company (NYSE:WFC) Shares Sold by TRUE Private Wealth Advisors

TRUE Private Wealth Advisors cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 7.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,248 shares of the financial services provider’s stock after selling 1,737 shares during the period. TRUE Private Wealth Advisors’ holdings in Wells Fargo & Company were worth $1,257,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of WFC. Atlantic Union Bankshares Corp grew its stake in Wells Fargo & Company by 17.4% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock valued at $10,031,000 after purchasing an additional 26,320 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in shares of Wells Fargo & Company by 37.2% during the third quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after buying an additional 173,083 shares in the last quarter. Providence Wealth Advisors LLC grew its position in shares of Wells Fargo & Company by 3.1% during the third quarter. Providence Wealth Advisors LLC now owns 15,954 shares of the financial services provider’s stock worth $901,000 after buying an additional 475 shares in the last quarter. Martingale Asset Management L P increased its stake in shares of Wells Fargo & Company by 75.5% in the third quarter. Martingale Asset Management L P now owns 7,599 shares of the financial services provider’s stock worth $429,000 after buying an additional 3,269 shares during the last quarter. Finally, Financial Counselors Inc. raised its holdings in Wells Fargo & Company by 2.0% in the third quarter. Financial Counselors Inc. now owns 19,010 shares of the financial services provider’s stock valued at $1,074,000 after acquiring an additional 373 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on WFC. Wolfe Research raised shares of 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. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and cut their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Evercore ISI increased their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Citigroup upped their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Finally, Piper Sandler lifted their price objective on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Thirteen investment 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $63.07.

Wells Fargo & Company Price Performance

Shares of WFC opened at $76.20 on Friday. Wells Fargo & Company has a one year low of $43.48 and a one year high of $78.13. The stock’s fifty day moving average is $65.48 and its 200-day moving average is $60.36. 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 $253.71 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 1.61 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC) last released its 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 firm had revenue of $20.37 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company earned $1.39 EPS. Equities analysts anticipate that Wells Fargo & Company will post 5.42 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 2.10%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s payout ratio is currently 33.26%.

Insider Activity

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

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.