Wells Fargo & Company (NYSE:WFC) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 0.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 71,180,327 shares of the financial services provider’s stock after selling 316,546 shares during the period. Geode Capital Management LLC’s holdings in Wells Fargo & Company were worth $4,009,609,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of WFC. Mattson Financial Services LLC acquired a new stake in Wells Fargo & Company in the 2nd quarter valued at $25,000. Strategic Investment Solutions Inc. IL purchased a new position in Wells Fargo & Company during the second quarter valued at $26,000. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company in the third quarter valued at about $29,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Wells Fargo & Company during the third quarter worth about $34,000. Finally, FSA Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company during the third quarter worth about $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on WFC. Keefe, Bruyette & Woods lifted their price objective on Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group boosted their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday. Royal Bank of Canada restated a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a report on Monday, October 14th. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and dropped their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Finally, Piper Sandler raised their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Thirteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $65.47.

Insider Activity at Wells Fargo & Company

In related news, EVP Ather Williams III sold 60,000 shares of the business’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 transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at $10,421,957. The trade was a 26.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the sale, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. This represents a 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Wells Fargo & Company Price Performance

Shares of WFC opened at $72.62 on Tuesday. The firm has a 50-day simple moving average of $67.71 and a two-hundred day simple moving average of $60.88. The stock has a market cap of $241.79 billion, a PE ratio of 15.10, a P/E/G ratio of 1.55 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $45.57 and a 1-year high of $78.13. 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 (NYSE:WFC) last posted its 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. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The firm had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same quarter last year, the firm earned $1.39 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, analysts forecast that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

About Wells Fargo & Company

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.