Wells Fargo & Company (NYSE:WFC) Shares Sold by Destination Wealth Management

Destination Wealth Management lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 40.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,813 shares of the financial services provider’s stock after selling 3,208 shares during the quarter. Destination Wealth Management’s holdings in Wells Fargo & Company were worth $272,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in shares of Wells Fargo & Company by 0.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 88,985 shares of the financial services provider’s stock valued at $5,285,000 after purchasing an additional 231 shares in the last quarter. Blue Trust Inc. grew its position in Wells Fargo & Company by 13.1% in the second quarter. Blue Trust Inc. now owns 31,119 shares of the financial services provider’s stock worth $1,804,000 after buying an additional 3,613 shares during the last quarter. Gradient Investments LLC grew its position in Wells Fargo & Company by 4.6% in the second quarter. Gradient Investments LLC now owns 14,624 shares of the financial services provider’s stock worth $868,000 after buying an additional 647 shares during the last quarter. Everpar Advisors LLC lifted its position in shares of Wells Fargo & Company by 7.0% during the 2nd quarter. Everpar Advisors LLC now owns 8,144 shares of the financial services provider’s stock valued at $484,000 after acquiring an additional 536 shares during the last quarter. Finally, E&G Advisors LP lifted its position in shares of Wells Fargo & Company by 7.8% during the 2nd quarter. E&G Advisors LP now owns 6,534 shares of the financial services provider’s stock valued at $388,000 after acquiring an additional 472 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WFC. Piper Sandler boosted their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group boosted their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a report on Tuesday, December 3rd. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a report on Tuesday, October 8th. Finally, Citigroup raised their price objective on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Thirteen analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $67.49.

Wells Fargo & Company Trading Down 1.1 %

NYSE:WFC opened at $70.80 on Friday. The company has a market capitalization of $235.73 billion, a P/E ratio of 14.72, a P/E/G ratio of 1.49 and a beta of 1.16. The stock’s 50 day moving average price is $68.69 and its 200 day moving average price is $61.11. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. Wells Fargo & Company has a 52 week low of $46.12 and a 52 week high of $78.13.

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, topping the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The company had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. During the same quarter in the prior year, the business posted $1.39 EPS. Wells Fargo & Company’s quarterly revenue was down 2.4% on a year-over-year basis. On average, research analysts forecast that Wells Fargo & Company will post 5.43 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.26%. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Insider Transactions at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred 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 transaction, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. This trade represents a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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.

Wells Fargo & Company 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.