Bridges Investment Management Inc. Sells 14,341 Shares of Wells Fargo & Company (NYSE:WFC)

Bridges Investment Management Inc. reduced its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 1.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 800,146 shares of the financial services provider's stock after selling 14,341 shares during the period. Bridges Investment Management Inc.'s holdings in Wells Fargo & Company were worth $45,200,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Canoe Financial LP bought a new position in Wells Fargo & Company during the third quarter valued at approximately $160,529,000. Marshall Wace LLP boosted its stake in shares of Wells Fargo & Company by 3,295.6% in the 2nd quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider's stock worth $138,493,000 after buying an additional 2,404,898 shares during the last quarter. 1832 Asset Management L.P. grew its holdings in shares of Wells Fargo & Company by 67.1% in the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider's stock worth $339,226,000 after acquiring an additional 2,349,595 shares during the period. Rokos Capital Management LLP increased its position in Wells Fargo & Company by 141.6% during the first quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider's stock valued at $151,853,000 after acquiring an additional 1,536,152 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in Wells Fargo & Company by 38.1% in the first quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider's stock worth $297,411,000 after purchasing an additional 1,415,647 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on WFC shares. Evercore ISI boosted their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Compass Point lifted their price target on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 15th. Wolfe Research upgraded Wells Fargo & Company from a "peer perform" rating to an "outperform" rating and set a $65.00 price objective for the company in a research note on Tuesday, October 8th. Piper Sandler lifted their target price 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. Finally, Jefferies Financial Group lowered Wells Fargo & Company to a "hold" rating and cut their price target for the company from $62.00 to $59.00 in a report on Friday, August 16th. Thirteen investment 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's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $62.12.

Insider Activity at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the firm's stock in a transaction dated 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 sale, the executive vice president now owns 126,687 shares of the company's stock, valued at $7,853,327.13. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Wells Fargo & Company 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 sale, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the business's stock in a transaction 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 directly owns 126,687 shares of the company's stock, valued at $7,853,327.13. This represents a 0.00 % 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 insiders.

Wells Fargo & Company Trading Up 0.9 %

WFC stock traded up $0.62 during midday trading on Friday, reaching $70.04. 14,270,937 shares of the company traded hands, compared to its average volume of 20,588,524. The firm has a market capitalization of $233.20 billion, a price-to-earnings ratio of 14.56, a P/E/G ratio of 1.63 and a beta of 1.14. Wells Fargo & Company has a 52-week low of $40.27 and a 52-week high of $74.27. The business has a 50 day moving average of $59.59 and a 200-day moving average of $58.86. 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 released its quarterly 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. The company had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.39 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.39 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders 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 annualized dividend and a dividend yield of 2.28%. 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.