Washington Trust Advisors Inc. Has $385,000 Stake in Wells Fargo & Company (NYSE:WFC)

Washington Trust Advisors Inc. lowered its position in Wells Fargo & Company (NYSE:WFC) by 2.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,818 shares of the financial services provider’s stock after selling 166 shares during the period. Washington Trust Advisors Inc.’s holdings in Wells Fargo & Company were worth $385,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of Wells Fargo & Company by 33.4% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 9,960 shares of the financial services provider’s stock worth $577,000 after acquiring an additional 2,495 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in Wells Fargo & Company by 30.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 52,634 shares of the financial services provider’s stock worth $3,051,000 after purchasing an additional 12,268 shares during the last quarter. Heartland Advisors Inc. raised its position in Wells Fargo & Company by 0.6% in the 1st quarter. Heartland Advisors Inc. now owns 38,864 shares of the financial services provider’s stock worth $2,253,000 after purchasing an additional 239 shares during the last quarter. Allegheny Financial Group LTD boosted its position in Wells Fargo & Company by 10.5% in the 1st quarter. Allegheny Financial Group LTD now owns 6,265 shares of the financial services provider’s stock valued at $363,000 after buying an additional 593 shares during the last quarter. Finally, Atomi Financial Group Inc. increased its stake in shares of Wells Fargo & Company by 32.6% in the 1st quarter. Atomi Financial Group Inc. now owns 18,376 shares of the financial services provider’s stock valued at $1,065,000 after buying an additional 4,518 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Ather Williams III sold 60,000 shares of the company’s 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 owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Beurden Saul Van sold 35,000 shares of the company’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 completion of the transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 value of $3,822,000.00. Following the sale, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

Wells Fargo & Company Trading Up 0.9 %

NYSE WFC opened at $70.05 on Friday. Wells Fargo & Company has a one year low of $40.27 and a one year high of $74.27. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The business has a 50 day simple moving average of $59.59 and a 200 day simple moving average of $58.86. The stock has a market capitalization of $233.23 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.63 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC) last posted 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 firm had revenue of $20.37 billion during the quarter, compared to the consensus estimate 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 revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.39 earnings per share. Research analysts expect that Wells Fargo & Company will post 5.39 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 33.26%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their price target for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a report on Tuesday, September 3rd. Compass Point upped their price objective on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Piper Sandler lifted 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 report on Monday, October 14th. Finally, Morgan Stanley dropped their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Thirteen 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 stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $62.12.

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.