Wells Fargo & Company (NYSE:WFC) Shares Sold by ING Groep NV

ING Groep NV reduced its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 64.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 133,355 shares of the financial services provider's stock after selling 245,056 shares during the quarter. ING Groep NV's holdings in Wells Fargo & Company were worth $7,533,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Intelligence Driven Advisers LLC boosted its holdings in shares of Wells Fargo & Company by 10.8% during the 3rd quarter. Intelligence Driven Advisers LLC now owns 8,179 shares of the financial services provider's stock valued at $462,000 after purchasing an additional 794 shares during the last quarter. Lummis Asset Management LP boosted its stake in Wells Fargo & Company by 0.7% during the third quarter. Lummis Asset Management LP now owns 28,074 shares of the financial services provider's stock valued at $1,586,000 after buying an additional 196 shares during the last quarter. Ferguson Wellman Capital Management Inc. grew its holdings in Wells Fargo & Company by 9.6% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 32,021 shares of the financial services provider's stock valued at $1,809,000 after buying an additional 2,800 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Wells Fargo & Company by 4.4% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 95,863 shares of the financial services provider's stock valued at $5,415,000 after purchasing an additional 4,057 shares in the last quarter. Finally, Zions Bancorporation N.A. increased its position in Wells Fargo & Company by 4.7% in the third quarter. Zions Bancorporation N.A. now owns 6,977 shares of the financial services provider's stock worth $394,000 after purchasing an additional 311 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction 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 transaction, the executive vice president now owns 163,610 shares of the company's stock, valued at $10,421,957. This represents a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the firm's stock in a transaction dated Monday, October 14th. The stock was 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 directly owns 126,687 shares in the company, valued at $7,853,327.13. This trade represents a 21.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on WFC shares. Phillip Securities raised shares of Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and lifted their price objective for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. 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. The Goldman Sachs Group dropped their target price on Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, September 11th. Morgan Stanley cut their target price on Wells Fargo & Company from $68.00 to $67.00 and set an "overweight" rating on the stock in a research report on Monday, September 30th. Finally, Evercore ISI lifted their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. 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 currently has a consensus rating of "Hold" and an average target price of $62.12.

Wells Fargo & Company Price Performance

Shares of NYSE WFC traded up $1.54 during mid-day trading on Friday, reaching $74.34. The company's stock had a trading volume of 18,836,977 shares, compared to its average volume of 18,126,145. The stock has a market capitalization of $247.51 billion, a P/E ratio of 15.46, a P/E/G ratio of 1.52 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 stock has a 50-day moving average of $61.17 and a two-hundred day moving average of $59.30. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. During the same quarter last year, the business posted $1.39 earnings per share. The firm's revenue was down 2.4% compared to the same quarter last year. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.15%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 33.26%.

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.