Quest Partners LLC Cuts Stock Position in Wells Fargo & Company (NYSE:WFC)

Quest Partners LLC lessened its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 28.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,448 shares of the financial services provider's stock after selling 14,252 shares during the quarter. Quest Partners LLC's holdings in Wells Fargo & Company were worth $2,002,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Mattson Financial Services LLC purchased a new stake in Wells Fargo & Company in the second quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Wells Fargo & Company in the 2nd quarter worth $26,000. Valued Wealth Advisors LLC increased its position in Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 220 shares during the last quarter. Fairscale Capital LLC bought a new position in Wells Fargo & Company in the second quarter valued at about $47,000. Finally, Beaird Harris Wealth Management LLC boosted its position in Wells Fargo & Company by 54.5% in the second quarter. Beaird Harris Wealth Management LLC now owns 865 shares of the financial services provider's stock worth $51,000 after purchasing an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Insider Buying and Selling at Wells Fargo & Company

In related 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 value of $2,169,650.00. Following the completion of the transaction, the executive vice president now owns 126,687 shares of the company's stock, valued at $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the stock in a transaction 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. This trade represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on WFC shares. Morgan Stanley dropped their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an "overweight" rating on the stock in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $65.00 target price on the stock in a report on Tuesday, September 3rd. Compass Point upped their price target on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 15th. Citigroup lifted their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, Piper Sandler increased their target price on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a "neutral" rating in a report on Monday, October 14th. Thirteen research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $63.07.

Wells Fargo & Company Trading Down 0.9 %

NYSE WFC traded down $0.66 during trading hours on Tuesday, hitting $73.43. 15,376,148 shares of the company were exchanged, compared to its average volume of 18,115,465. The stock has a 50-day moving average price of $61.56 and a 200 day moving average price of $59.40. Wells Fargo & Company has a 52 week low of $42.15 and a 52 week high of $74.70. The stock has a market cap of $244.48 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 1.55 and a beta of 1.14. 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 (NYSE:WFC - Get Free Report) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate 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 quarter in the prior year, the firm posted $1.39 earnings per share. The business's revenue for the quarter was down 2.4% on a year-over-year basis. Analysts forecast that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm 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 $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 yield of 2.18%. Wells Fargo & Company's payout ratio 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.