Wells Fargo & Company (NYSE:WFC) Shares Sold by M&T Bank Corp

M&T Bank Corp cut its stake in Wells Fargo & Company (NYSE:WFC) by 1.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 368,132 shares of the financial services provider’s stock after selling 5,928 shares during the period. M&T Bank Corp’s holdings in Wells Fargo & Company were worth $20,795,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of WFC. Mattson Financial Services LLC acquired a new stake in shares of Wells Fargo & Company in the second quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Wells Fargo & Company in the second quarter worth approximately $26,000. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company in the third quarter worth approximately $29,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Wells Fargo & Company in the third quarter worth approximately $34,000. Finally, FSA Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the third quarter worth approximately $34,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 0.8 %

WFC opened at $72.05 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average is $67.71 and its 200-day moving average is $60.88. The firm has a market capitalization of $239.89 billion, a P/E ratio of 14.98, a P/E/G ratio of 1.55 and a beta of 1.16. Wells Fargo & Company has a 52-week low of $45.57 and a 52-week high of $78.13.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The business 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 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 quarter in the previous year, the firm earned $1.39 earnings per share. Analysts expect that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were paid a $0.40 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.22%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Insider Buying and Selling

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction on 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 in the company, valued at $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Beurden Saul Van sold 35,000 shares of the business’s 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 approximately $7,853,327.13. The trade was a 21.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on WFC. The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. UBS Group lifted their price target on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and reduced their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their price target for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Thirteen investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $67.49.

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.