Wells Fargo & Company (NYSE:WFC) Stock Position Reduced by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 5.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 689,079 shares of the financial services provider's stock after selling 42,605 shares during the period. State of Alaska Department of Revenue's holdings in Wells Fargo & Company were worth $38,924,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Income Research & Management acquired a new position in shares of Wells Fargo & Company in the 3rd quarter valued at about $211,000. Mattson Financial Services LLC acquired a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $25,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $26,000. Valued Wealth Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 53.7% in the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider's stock valued at $37,000 after buying an additional 220 shares during the period. Finally, J.Safra Asset Management Corp boosted its holdings in shares of Wells Fargo & Company by 704.3% in the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider's stock valued at $43,000 after buying an additional 648 shares during the period. Institutional investors own 75.90% of the company's stock.

Insider Buying and Selling

In related news, EVP Ather Williams III sold 60,000 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 $10,421,957. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Beurden Saul Van sold 35,000 shares of the business'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 transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. 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 for the company in a report on Wednesday, September 11th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Wolfe Research raised shares of Wells Fargo & Company from a "peer perform" rating to an "outperform" rating and set a $65.00 price target for the company in a report on Tuesday, October 8th. Phillip Securities raised shares of Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and boosted their target price for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Finally, Piper Sandler boosted 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 note on Monday, October 14th. Thirteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $61.82.

Wells Fargo & Company Price Performance

Shares of NYSE WFC traded down $0.90 during midday trading on Friday, reaching $64.53. The company's stock had a trading volume of 14,855,494 shares, compared to its average volume of 18,084,012. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average price of $57.60 and a 200 day moving average price of $58.26. Wells Fargo & Company has a one year low of $38.62 and a one year high of $65.95. The company has a market cap of $224.97 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results 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 net margin of 14.43% and a return on equity of 12.25%. The business had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. During the same period in the previous year, the firm earned $1.39 EPS. The business's revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities research analysts expect that Wells Fargo & Company will post 5.36 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors 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 2.48%. Wells Fargo & Company's payout ratio is currently 32.85%.

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.