Wells Fargo & Company (NYSE:WFC) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA lowered its holdings in Wells Fargo & Company (NYSE:WFC) by 13.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,015,964 shares of the financial services provider's stock after selling 5,186,907 shares during the period. Wells Fargo & Company comprises about 1.3% of Primecap Management Co. CA's investment portfolio, making the stock its 20th biggest holding. Primecap Management Co. CA owned about 0.96% of Wells Fargo & Company worth $1,808,582,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cardinal Capital Management Inc. lifted its stake in Wells Fargo & Company by 2.0% in the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider's stock valued at $32,505,000 after buying an additional 11,037 shares during the last quarter. Chartwell Investment Partners LLC lifted its position in Wells Fargo & Company by 16.4% in the 3rd quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider's stock valued at $7,504,000 after purchasing an additional 18,717 shares during the last quarter. Argus Investors Counsel Inc. grew its position in Wells Fargo & Company by 34.6% in the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider's stock worth $1,780,000 after purchasing an additional 8,107 shares during the last quarter. Mesirow Financial Investment Management Inc. boosted its position in shares of Wells Fargo & Company by 111.1% during the third quarter. Mesirow Financial Investment Management Inc. now owns 34,464 shares of the financial services provider's stock worth $1,947,000 after buying an additional 18,138 shares during the period. Finally, Assetmark Inc. increased its position in Wells Fargo & Company by 5.6% in the 3rd quarter. Assetmark Inc. now owns 382,717 shares of the financial services provider's stock valued at $21,620,000 after acquiring an additional 20,149 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on WFC. Evercore ISI increased their price target on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. Royal Bank of Canada restated a "sector perform" rating and set a $61.00 price target on shares of Wells Fargo & Company in a research report on Monday, October 14th. Morgan Stanley decreased their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an "overweight" rating for the company in a report on Monday, September 30th. The Goldman Sachs Group cut their target price on Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, September 11th. Finally, Piper Sandler upped their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the company a "neutral" rating in a report on Monday, October 14th. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $63.07.

Wells Fargo & Company Stock Up 0.2 %

WFC stock opened at $73.58 on Thursday. The firm has a market cap of $244.98 billion, a PE ratio of 15.30, a PEG ratio of 1.53 and a beta of 1.14. Wells Fargo & Company has a 1 year low of $42.15 and a 1 year high of $74.70. The company has a fifty day simple moving average of $62.35 and a 200 day simple moving average of $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 (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 (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion during 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%. The firm's revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.39 EPS. Sell-side analysts anticipate that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company's dividend payout ratio is 33.26%.

Insider Transactions at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the firm's 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 owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 26.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the business's 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 transaction, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. This trade 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 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.

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