Financial Insights Inc. Trims Holdings in Wells Fargo & Company (NYSE:WFC)

Financial Insights Inc. cut its holdings in Wells Fargo & Company (NYSE:WFC) by 5.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,350 shares of the financial services provider’s stock after selling 403 shares during the quarter. Financial Insights Inc.’s holdings in Wells Fargo & Company were worth $415,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Eastern Bank purchased a new stake in shares of Wells Fargo & Company in the 3rd quarter worth about $790,000. Argus Investors Counsel Inc. grew its position in shares of 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 buying an additional 8,107 shares during the period. Sweeney & Michel LLC grew its position in shares of Wells Fargo & Company by 8.8% in the 3rd quarter. Sweeney & Michel LLC now owns 24,173 shares of the financial services provider’s stock worth $1,366,000 after buying an additional 1,956 shares during the period. Oakworth Capital Inc. grew its position in shares of Wells Fargo & Company by 16.8% in the 3rd quarter. Oakworth Capital Inc. now owns 6,228 shares of the financial services provider’s stock worth $352,000 after buying an additional 896 shares during the period. Finally, Foundations Investment Advisors LLC grew its position in shares of Wells Fargo & Company by 5.8% in the 3rd quarter. Foundations Investment Advisors LLC now owns 21,483 shares of the financial services provider’s stock worth $1,214,000 after buying an additional 1,179 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of analyst reports. BMO Capital Markets upped their price target on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and dropped their price target for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Evercore ISI upped their price target on shares of Wells Fargo & Company from $68.00 to $71.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Piper Sandler upped their price target on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research note on Monday, July 15th. Thirteen investment 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. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and an average price target of $61.82.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $64.81 on Wednesday. The firm’s 50 day moving average price is $56.98 and its 200-day moving average price is $58.11. The stock has a market capitalization of $225.95 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $38.58 and a twelve month high of $65.21. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11.

Wells Fargo & Company (NYSE:WFC) last released its 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 analyst estimates of $20.40 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s quarterly 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. Equities research analysts expect that Wells Fargo & Company will post 5.12 EPS 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 issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.47%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 32.85%.

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.