Sumitomo Mitsui Trust Group Inc. Lowers Position in Wells Fargo & Company (NYSE:WFC)

Sumitomo Mitsui Trust Group Inc. decreased its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,861,166 shares of the financial services provider's stock after selling 403,905 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Wells Fargo & Company worth $444,077,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of WFC. Ellenbecker Investment Group lifted its position in 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 worth $250,000 after buying an additional 164 shares during the last quarter. Income Research & Management bought a new stake in Wells Fargo & Company in the third quarter worth $211,000. Modera Wealth Management LLC lifted its position in Wells Fargo & Company by 0.9% in the third 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 last quarter. Catalina Capital Group LLC lifted its position 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 purchasing an additional 168 shares during the last quarter. Finally, John W. Brooker & Co. CPAs lifted its position in shares of Wells Fargo & Company by 2.5% during the second quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider's stock worth $420,000 after purchasing an additional 171 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Insiders Place Their Bets

In related news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company 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 owns 163,610 shares in the company, valued at $10,421,957. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company 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 owns 126,687 shares of the company's stock, valued at $7,853,327.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on WFC. Royal Bank of Canada reiterated a "sector perform" rating and set a $61.00 target price on shares of Wells Fargo & Company in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $65.00 target price for the company in a research report on Tuesday, September 3rd. Piper Sandler lifted their target price on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a "neutral" rating in a research report on Monday, October 14th. The Goldman Sachs Group decreased their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, September 11th. Finally, Keefe, Bruyette & Woods decreased their price objective on Wells Fargo & Company from $62.00 to $61.00 and set a "market perform" rating for the company in a report on Monday, July 15th. Thirteen equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $62.12.

Wells Fargo & Company Stock Performance

NYSE WFC traded up $0.22 during trading hours on Tuesday, reaching $72.78. The stock had a trading volume of 9,511,114 shares, compared to its average volume of 18,102,266. The stock has a fifty day moving average of $59.87 and a 200 day moving average of $58.92. The stock has a market cap of $242.32 billion, a P/E ratio of 15.03, a price-to-earnings-growth ratio of 1.57 and a beta of 1.14. Wells Fargo & Company has a 52-week low of $40.53 and a 52-week high of $74.27. 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 issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.14. The firm 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 revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 earnings per share. Sell-side analysts predict that Wells Fargo & Company will post 5.39 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.20%. Wells Fargo & Company's dividend payout ratio is presently 33.26%.

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.