Wells Fargo & Company (NYSE:WFC) Shares Sold by First City Capital Management Inc.

First City Capital Management Inc. lowered its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 28.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,584 shares of the financial services provider's stock after selling 6,757 shares during the quarter. First City Capital Management Inc.'s holdings in Wells Fargo & Company were worth $937,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Mattson Financial Services LLC purchased a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at $26,000. MidAtlantic Capital Management Inc. purchased a new position in Wells Fargo & Company in the third quarter valued at $34,000. Valued Wealth Advisors LLC increased its holdings in Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider's stock worth $37,000 after purchasing an additional 220 shares during the period. Finally, Fairscale Capital LLC acquired a new stake in Wells Fargo & Company in the 2nd quarter valued at about $47,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Wells Fargo & Company

In other news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. This trade represents a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ather Williams III sold 60,000 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at $10,421,957. This trade represents a 26.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wolfe Research upgraded shares of Wells Fargo & Company from a "peer perform" rating to an "outperform" rating and set a $65.00 target price on the stock in a research note on Tuesday, October 8th. Royal Bank of Canada restated a "sector perform" rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research note on Monday, October 14th. Compass Point increased their price objective on Wells Fargo & Company from $57.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, October 15th. The Goldman Sachs Group lowered their price target on Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, September 11th. Finally, Evercore ISI raised their target price on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Thirteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $63.07.

Wells Fargo & Company Stock Down 0.7 %

Shares of WFC traded down $0.52 during midday trading on Tuesday, hitting $73.57. The company had a trading volume of 9,484,138 shares, compared to its average volume of 18,084,018. The stock has a market cap of $244.95 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 1.55 and a beta of 1.14. The company's 50 day moving average price is $61.56 and its 200 day moving average price is $59.40. 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 52 week low of $42.15 and a 52 week high of $74.70.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating 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 net margin of 14.43% and a return on equity of 12.25%. The company's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.39 EPS. On average, equities research analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.17%. Wells Fargo & Company's dividend payout ratio (DPR) is 33.26%.

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.