KBC Group NV Reduces Position in Wells Fargo & Company (NYSE:WFC)

KBC Group NV trimmed its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 35.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,203,409 shares of the financial services provider's stock after selling 674,763 shares during the period. KBC Group NV's holdings in Wells Fargo & Company were worth $67,980,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ellenbecker Investment Group grew its position in Wells Fargo & Company by 3.9% during the 3rd quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider's stock worth $250,000 after acquiring an additional 164 shares during the last quarter. Income Research & Management acquired a new position in shares of Wells Fargo & Company in the 3rd quarter valued at about $211,000. Modera Wealth Management LLC lifted its stake in shares of Wells Fargo & Company by 0.9% in the 3rd quarter. Modera Wealth Management LLC now owns 18,014 shares of the financial services provider's stock valued at $1,018,000 after purchasing an additional 167 shares during the period. Catalina Capital Group LLC lifted its stake in shares of Wells Fargo & Company by 1.7% in the 3rd quarter. Catalina Capital Group LLC now owns 9,886 shares of the financial services provider's stock valued at $558,000 after purchasing an additional 168 shares during the period. Finally, John W. Brooker & Co. CPAs lifted its stake in shares of Wells Fargo & Company by 2.5% in the 2nd quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider's stock valued at $420,000 after purchasing an additional 171 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock traded up $0.32 during trading hours on Thursday, reaching $73.09. The company's stock had a trading volume of 6,778,186 shares, compared to its average volume of 18,092,012. The firm has a 50 day moving average price of $60.45 and a 200-day moving average price of $59.11. Wells Fargo & Company has a one year low of $41.99 and a one year high of $74.27. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market cap of $243.35 billion, a P/E ratio of 15.09, a P/E/G ratio of 1.51 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS 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 the consensus estimate of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The firm's revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.39 EPS. On average, analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be issued a $0.40 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.19%. Wells Fargo & Company's dividend payout ratio is currently 33.26%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Phillip Securities upgraded Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and upped their price objective for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Jefferies Financial Group downgraded Wells Fargo & Company to a "hold" rating and dropped their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research note on Monday, October 14th. Morgan Stanley dropped their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an "overweight" rating on the stock in a research note on Monday, September 30th. Finally, Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $65.00 price objective on the stock in a research note on Tuesday, September 3rd. 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's stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of "Hold" and a consensus target price of $62.12.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company 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 completion of the transaction, the executive vice president now owns 163,610 shares of the company's stock, valued at approximately $10,421,957. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Beurden Saul Van sold 35,000 shares of the business's stock in a transaction dated 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 transaction, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $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 SEC, 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 dated 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 transaction, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

Wells Fargo & 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.