Wells Fargo & Company (NYSE:WFC) Shares Sold by 1ST Source Bank

1ST Source Bank trimmed its position in Wells Fargo & Company (NYSE:WFC) by 19.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,230 shares of the financial services provider’s stock after selling 3,112 shares during the period. 1ST Source Bank’s holdings in Wells Fargo & Company were worth $747,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of WFC. Assenagon Asset Management S.A. lifted its holdings in Wells Fargo & Company by 0.3% in 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. Gradient Investments LLC boosted its position in Wells Fargo & Company by 4.6% during the second quarter. Gradient Investments LLC now owns 14,624 shares of the financial services provider’s stock worth $868,000 after acquiring an additional 647 shares during the last quarter. Williams Financial LLC purchased a new stake in Wells Fargo & Company during the 2nd quarter valued at about $829,000. Chesley Taft & Associates LLC grew its stake in Wells Fargo & Company by 7.5% during the 2nd quarter. Chesley Taft & Associates LLC now owns 142,473 shares of the financial services provider’s stock valued at $8,461,000 after acquiring an additional 9,883 shares in the last quarter. Finally, Western Financial Corp CA lifted its stake in Wells Fargo & Company by 4.4% in the 2nd quarter. Western Financial Corp CA now owns 94,903 shares of the financial services provider’s stock worth $5,636,000 after purchasing an additional 4,026 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Wells Fargo & Company

In related 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 transaction of $3,822,000.00. Following the completion of the transaction, the executive vice president now 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 document filed with the SEC, which is accessible through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction dated 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 sale, the executive vice president now directly owns 126,687 shares of the company’s stock, 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 Price Performance

Shares of WFC opened at $70.47 on Friday. The company has a market cap of $234.63 billion, a P/E ratio of 14.65, a PEG ratio of 1.49 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $46.12 and a fifty-two week high of $78.13. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average price is $68.96 and its 200 day moving average price is $61.18.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $20.37 billion for the quarter, compared to analyst estimates 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 revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.39 earnings per share. On average, research analysts forecast that Wells Fargo & Company will post 5.43 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s payout ratio is presently 33.26%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on WFC. Piper Sandler upped their price target on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their target price on Wells Fargo & Company from $61.00 to $79.00 and gave the company a “market perform” rating in a report on Tuesday, December 3rd. Citigroup lifted their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. UBS Group upped their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. Finally, The Goldman Sachs Group lifted their target price on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Thirteen equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.49.

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.