Peapack Gladstone Financial Corp Has $3.49 Million Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Peapack Gladstone Financial Corp lowered its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 11.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,758 shares of the financial services provider's stock after selling 7,837 shares during the quarter. Peapack Gladstone Financial Corp's holdings in Wells Fargo & Company were worth $3,489,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in WFC. Mattson Financial Services LLC bought a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company during the 2nd quarter valued at $26,000. Truvestments Capital LLC bought a new stake in Wells Fargo & Company during the 3rd quarter valued at $29,000. MidAtlantic Capital Management Inc. acquired a new position in Wells Fargo & Company during the 3rd quarter worth $34,000. Finally, FSA Wealth Management LLC bought a new position in shares of Wells Fargo & Company in the third quarter worth $34,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Down 0.5 %

NYSE WFC traded down $0.36 on Friday, hitting $70.44. 16,794,527 shares of the stock were exchanged, compared to its average volume of 17,978,080. The company's 50-day moving average price is $68.96 and its two-hundred day moving average price is $61.19. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. Wells Fargo & Company has a 52-week low of $46.12 and a 52-week high of $78.13. The company has a market capitalization of $234.53 billion, a price-to-earnings ratio of 14.64, a P/E/G ratio of 1.49 and a beta of 1.16.

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 earnings per share for the quarter, beating analysts' consensus estimates of $1.28 by $0.14. The business had revenue of $20.37 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.39 earnings per share. Research analysts predict that Wells Fargo & Company will post 5.43 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 33.26%.

Wall Street Analyst Weigh In

WFC has been the subject of several research analyst reports. Phillip Securities raised shares of Wells Fargo & Company from a "neutral" rating to an "accumulate" rating and upped their price objective for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a report on Monday, October 14th. Piper Sandler boosted their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods increased their price target on Wells Fargo & Company from $61.00 to $79.00 and gave the company a "market perform" rating in a research note on Tuesday, December 3rd. Finally, Morgan Stanley lowered their price target on Wells Fargo & Company from $68.00 to $67.00 and set an "overweight" rating on the stock in a research report on Monday, September 30th. Thirteen investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $67.49.

Insider Buying and Selling

In related news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction 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 approximately $7,853,327.13. This trade represents a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. The trade was a 26.83 % 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 corporate insiders.

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.