Chevy Chase Trust Holdings LLC Sells 77,775 Shares of Wells Fargo & Company (NYSE:WFC)

Chevy Chase Trust Holdings LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 4.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 owned about 0.06% of Wells Fargo & Company worth $103,504,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in WFC. Mattson Financial Services LLC bought a new position in Wells Fargo & Company in the 2nd quarter valued at about $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company in the second quarter worth approximately $26,000. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company in the third quarter valued at approximately $29,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Wells Fargo & Company during the third quarter valued at approximately $34,000. Finally, FSA Wealth Management LLC bought a new stake in Wells Fargo & Company during the third quarter worth $34,000. 75.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

WFC has been the topic of several recent analyst reports. Piper Sandler raised their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Compass Point raised their price target on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Tuesday, September 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $61.00 target price on shares of Wells Fargo & Company in a research note on Monday, October 14th. Finally, Evercore ISI lifted their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Thirteen equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $63.07.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $76.17 on Monday. The firm has a market capitalization of $253.61 billion, a P/E ratio of 15.84, a PEG ratio of 1.59 and a beta of 1.14. Wells Fargo & Company has a one year low of $43.48 and a one year high of $78.13. 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 business has a fifty day moving average price of $65.48 and a 200-day moving average price of $60.33.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping 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 the consensus estimate of $20.40 billion. During the same quarter last year, the company earned $1.39 EPS. The firm’s revenue 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 year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were given a dividend of $0.40 per share. The ex-dividend date was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.10%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 33.26%.

Insiders Place Their Bets

In other news, 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 completion of the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction dated 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 in the company, valued at $7,853,327.13. This trade represents a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

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.