Alpha DNA Investment Management LLC Cuts Stake in Wells Fargo & Company (NYSE:WFC)

Alpha DNA Investment Management LLC lowered its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 59.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,938 shares of the financial services provider's stock after selling 50,219 shares during the quarter. Wells Fargo & Company comprises approximately 0.7% of Alpha DNA Investment Management LLC's holdings, making the stock its 25th largest holding. Alpha DNA Investment Management LLC's holdings in Wells Fargo & Company were worth $1,974,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Dimensional Fund Advisors LP raised its position in shares of Wells Fargo & Company by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider's stock valued at $1,178,591,000 after buying an additional 831,975 shares in the last quarter. National Pension Service raised its position in shares of Wells Fargo & Company by 15.2% during the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider's stock valued at $383,532,000 after buying an additional 897,195 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position in shares of Wells Fargo & Company by 2.5% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider's stock valued at $375,183,000 after buying an additional 162,066 shares in the last quarter. First Pacific Advisors LP raised its position in shares of Wells Fargo & Company by 2.1% during the 2nd quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider's stock valued at $313,500,000 after buying an additional 108,480 shares in the last quarter. Finally, Canoe Financial LP purchased a new stake in shares of Wells Fargo & Company during the 3rd quarter valued at about $160,529,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Insiders Place Their Bets

In other news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction on 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 $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company 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 directly owns 163,610 shares of the company's stock, valued at $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded up $1.13 during midday trading on Friday, reaching $75.96. The company had a trading volume of 14,997,402 shares, compared to its average volume of 18,191,614. The business's 50-day simple moving average is $63.28 and its 200 day simple moving average is $59.80. The stock has a market cap of $252.91 billion, a P/E ratio of 15.79, a P/E/G ratio of 1.56 and a beta of 1.14. Wells Fargo & Company has a 1 year low of $42.52 and a 1 year high of $76.08. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly 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 business had revenue of $20.37 billion during the quarter, compared to analysts' expectations of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company posted $1.39 earnings per share. On average, analysts forecast that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.11%. Wells Fargo & Company's dividend payout ratio is currently 33.26%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Citigroup upped their target price on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the company a "neutral" rating in a research report on Tuesday, November 19th. Compass Point upped their price target on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, October 15th. Royal Bank of Canada reiterated a "sector perform" rating and set a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Piper Sandler upped their price target on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the company a "neutral" rating in a report on Monday, October 14th. Finally, The Goldman Sachs Group cut 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 report on Wednesday, September 11th. Thirteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $63.07.

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.