Chevy Chase Trust Holdings LLC Decreases Position in Wells Fargo & Company (NYSE:WFC)

Chevy Chase Trust Holdings LLC trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 4.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,832,251 shares of the financial services provider’s stock after selling 77,775 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Wells Fargo & Company were worth $103,504,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Investors Research Corp increased its position in Wells Fargo & Company by 1.2% in the third quarter. Investors Research Corp now owns 13,461 shares of the financial services provider’s stock worth $760,000 after buying an additional 160 shares in the last quarter. Ellenbecker Investment Group grew its stake in shares of Wells Fargo & Company by 3.9% during the 3rd quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider’s stock valued at $250,000 after acquiring an additional 164 shares during the period. Income Research & Management purchased a new stake in Wells Fargo & Company in the 3rd quarter worth approximately $211,000. Modera Wealth Management LLC raised its stake in Wells Fargo & Company by 0.9% during the 3rd quarter. Modera Wealth Management LLC now owns 18,014 shares of the financial services provider’s stock worth $1,018,000 after acquiring an additional 167 shares during the period. Finally, Catalina Capital Group LLC lifted its holdings in Wells Fargo & Company by 1.7% during the third quarter. Catalina Capital Group LLC now owns 9,886 shares of the financial services provider’s stock valued at $558,000 after purchasing an additional 168 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. This represents a 26.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the executive vice president now owns 126,687 shares in the company, valued at $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. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on WFC shares. Evercore ISI increased their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and decreased their price target for the company from $62.00 to $59.00 in a report on Friday, August 16th. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research note on Tuesday, October 8th. Piper Sandler increased their target price on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, Morgan Stanley lowered their price target on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Thirteen research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and an average price target of $63.07.

Wells Fargo & Company Trading Down 1.3 %

WFC opened at $76.17 on Monday. The stock has a 50-day moving average of $65.48 and a 200 day moving average of $60.33. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 12 month low of $43.48 and a 12 month high of $78.13. The firm has a market cap of $253.61 billion, a P/E ratio of 15.84, a P/E/G ratio of 1.59 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The firm 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 company’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.39 EPS. As a group, research analysts forecast that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 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.