Mutual of America Capital Management LLC Reduces Stake in Wells Fargo & Company (NYSE:WFC)

Mutual of America Capital Management LLC trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 4.7% during the third quarter, Holdings Channel reports. The firm owned 419,153 shares of the financial services provider’s stock after selling 20,501 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Wells Fargo & Company were worth $23,678,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of WFC. Mattson Financial Services LLC acquired a new position in shares of Wells Fargo & Company during the 2nd quarter worth $25,000. Strategic Investment Solutions Inc. IL purchased a new position in Wells Fargo & Company during the 2nd quarter valued at about $26,000. Valued Wealth Advisors LLC raised its position in Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 220 shares during the last quarter. Fairscale Capital LLC purchased a new stake in shares of Wells Fargo & Company in the second quarter valued at about $47,000. Finally, Beaird Harris Wealth Management LLC grew its position in shares of Wells Fargo & Company by 54.5% in the second quarter. Beaird Harris Wealth Management LLC now owns 865 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 305 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on WFC. Morgan Stanley cut their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and decreased their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Compass Point boosted their target price on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their price target for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Finally, The Goldman Sachs Group cut their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Thirteen research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $62.12.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $74.34 on Friday. The business’s 50-day simple moving average is $61.17 and its 200-day simple moving average is $59.30. The firm has a market capitalization of $247.51 billion, a P/E ratio of 15.46, a P/E/G ratio of 1.55 and a beta of 1.14. Wells Fargo & Company has a 1-year low of $41.99 and a 1-year high of $74.41. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (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 during the quarter, compared to the consensus estimate of $20.40 billion. During the same period in the previous year, the firm earned $1.39 earnings per share. Wells Fargo & Company’s revenue for the quarter was down 2.4% on a year-over-year basis. Equities analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be issued a $0.40 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.15%. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Insider Activity at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the 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 sale, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Beurden Saul Van sold 35,000 shares of the firm’s 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 sale, the executive vice president now owns 126,687 shares in the company, valued at approximately $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. 0.08% of the stock is owned by insiders.

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.