B. Riley Wealth Advisors Inc. Sells 5,158 Shares of Wells Fargo & Company (NYSE:WFC)

B. Riley Wealth Advisors Inc. cut its holdings in Wells Fargo & Company (NYSE:WFC) by 9.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 48,001 shares of the financial services provider’s stock after selling 5,158 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Wells Fargo & Company were worth $2,688,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Income Research & Management bought a new position in shares of Wells Fargo & Company during the 3rd quarter valued at $211,000. Mattson Financial Services LLC bought a new position in shares of Wells Fargo & Company during the 2nd quarter valued at $25,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Wells Fargo & Company during the 2nd quarter valued at $26,000. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company during the 3rd quarter valued at $29,000. Finally, FSA Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the 3rd quarter valued at $34,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Trading Down 0.5 %

Shares of Wells Fargo & Company stock opened at $70.44 on Monday. The firm has a market cap of $234.53 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.49 and a beta of 1.16. The business has a 50-day moving average price of $68.96 and a 200-day moving average price of $61.21. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a twelve month low of $46.12 and a twelve month high of $78.13.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion during 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 business’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.39 earnings per share. Equities research analysts anticipate that Wells Fargo & Company will post 5.43 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed 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 2.27%. Wells Fargo & Company’s payout ratio is 33.26%.

Insider Activity

In related news, 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 completion of the transaction, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This trade represents a 21.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the stock in a transaction dated 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 directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on WFC shares. Royal Bank of Canada reissued a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Keefe, Bruyette & Woods upped their price objective on Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a research note on Tuesday, December 3rd. Evercore ISI upped their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Piper Sandler upped their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their price objective for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $67.49.

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.