Wells Fargo & Company (NYSE:WFC) Shares Sold by Payden & Rygel

Payden & Rygel reduced its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 98.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,100 shares of the financial services provider's stock after selling 326,700 shares during the period. Payden & Rygel's holdings in Wells Fargo & Company were worth $232,000 as of its most recent SEC filing.

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

Insider Activity at Wells Fargo & Company

In related news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction dated 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 completion of the sale, the executive vice president now owns 163,610 shares of the company's stock, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the business's stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the sale, the executive vice president now owns 126,687 shares of the company's stock, valued at approximately $7,853,327.13. This represents a 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Wells Fargo & Company Trading Up 0.2 %

NYSE:WFC opened at $73.58 on Thursday. The firm has a market capitalization of $244.98 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 1.53 and a beta of 1.14. The business's 50-day moving average price is $62.35 and its two-hundred day moving average price is $59.59. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 1-year low of $42.15 and a 1-year high of $74.70.

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 during the quarter, compared to analysts' expectations of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.39 earnings per share. On average, equities analysts expect that Wells Fargo & Company will post 5.42 earnings per share 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 dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company's payout ratio is 33.26%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on WFC. Piper Sandler upped their price objective 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. Jefferies Financial Group cut 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. Wolfe Research raised Wells Fargo & Company from a "peer perform" rating to an "outperform" rating and set a $65.00 price objective on the stock in a report on Tuesday, October 8th. Citigroup lifted their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a "neutral" rating in a research note on Tuesday. Finally, The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, September 11th. Thirteen research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $63.07.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.