Community Bank N.A. Reduces Stock Position in Wells Fargo & Company (NYSE:WFC)

Community Bank N.A. decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 39.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 1,406 shares of the financial services provider’s stock after selling 906 shares during the period. Community Bank N.A.’s holdings in Wells Fargo & Company were worth $79,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Cardinal Capital Management Inc. increased its position in shares of Wells Fargo & Company by 2.0% in the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after buying an additional 11,037 shares in the last quarter. Atlantic Union Bankshares Corp grew its stake in Wells Fargo & Company by 17.4% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock valued at $10,031,000 after acquiring an additional 26,320 shares during the last quarter. Chartwell Investment Partners LLC increased its holdings in Wells Fargo & Company by 16.4% during the 3rd quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after acquiring an additional 18,717 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in Wells Fargo & Company by 37.2% during the third quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after acquiring an additional 173,083 shares during the last quarter. Finally, Argus Investors Counsel Inc. lifted its holdings in shares of Wells Fargo & Company by 34.6% in the third quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock valued at $1,780,000 after purchasing an additional 8,107 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $75.32 on Tuesday. The business has a 50-day moving average of $65.48 and a two-hundred day moving average of $60.33. The firm has a market capitalization of $250.78 billion, a PE ratio of 15.66, a P/E/G ratio of 1.59 and a beta of 1.16. 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 has a 12 month low of $44.41 and a 12 month high of $78.13.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. 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 EPS. As a group, research analysts forecast that Wells Fargo & Company will post 5.42 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.12%. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the company’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 completion of the transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This represents a 21.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company 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 sale, the executive vice president now directly 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 disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

WFC has been the subject of a number of recent research reports. 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. Piper Sandler upped their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and dropped their price objective for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Morgan Stanley cut their target price on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Finally, The Goldman Sachs Group decreased their price target on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Thirteen 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $63.07.

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.