Wells Fargo & Company (NYSE:WFC) Shares Sold by MAI Capital Management

MAI Capital Management lessened its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 13.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 97,046 shares of the financial services provider's stock after selling 15,095 shares during the period. MAI Capital Management's holdings in Wells Fargo & Company were worth $5,482,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Income Research & Management bought a new stake in Wells Fargo & Company in the 3rd quarter valued at about $211,000. Mattson Financial Services LLC bought a new stake in Wells Fargo & Company in the second quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company in the second quarter worth approximately $26,000. Valued Wealth Advisors LLC lifted its stake in shares of Wells Fargo & Company by 53.7% in the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider's stock worth $37,000 after buying an additional 220 shares during the last quarter. Finally, Fairscale Capital LLC acquired a new position in Wells Fargo & Company during the 2nd quarter valued at $47,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

WFC has been the topic of several analyst reports. Royal Bank of Canada reissued a "sector perform" rating and issued a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Compass Point increased their price objective on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a "neutral" rating in a report on Tuesday, October 15th. Piper Sandler upped their target price on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the company a "neutral" rating in a research report on Monday, October 14th. Phillip Securities upgraded shares of Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and increased their price target for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Finally, Citigroup increased their price target 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. 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 company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $63.07.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC traded up $0.15 during midday trading on Wednesday, reaching $73.58. 14,413,755 shares of the company's stock traded hands, compared to its average volume of 18,099,176. The company has a market cap of $244.98 billion, a price-to-earnings ratio of 15.22, a P/E/G ratio of 1.55 and a beta of 1.14. 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 has a one year low of $42.15 and a one year high of $74.70. The stock has a 50 day moving average of $61.95 and a 200 day moving average of $59.49.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results 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 return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.37 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

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

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the business'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 transaction of $3,822,000.00. Following the completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the company's 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 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 disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

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.