AMG National Trust Bank Sells 2,384 Shares of Wells Fargo & Company (NYSE:WFC)

AMG National Trust Bank decreased its position in Wells Fargo & Company (NYSE:WFC) by 14.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,989 shares of the financial services provider’s stock after selling 2,384 shares during the period. AMG National Trust Bank’s holdings in Wells Fargo & Company were worth $790,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. MQS Management LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter valued at $359,000. Crewe Advisors LLC bought a new stake in Wells Fargo & Company in the 1st quarter valued at about $302,000. Shell Asset Management Co. lifted its holdings in Wells Fargo & Company by 35.7% during the first quarter. Shell Asset Management Co. now owns 35,422 shares of the financial services provider’s stock valued at $2,053,000 after purchasing an additional 9,326 shares during the last quarter. CreativeOne Wealth LLC boosted its position in Wells Fargo & Company by 96.7% during the first quarter. CreativeOne Wealth LLC now owns 9,278 shares of the financial services provider’s stock worth $538,000 after purchasing an additional 4,560 shares during the period. Finally, Axxcess Wealth Management LLC boosted its position in Wells Fargo & Company by 10.9% during the first quarter. Axxcess Wealth Management LLC now owns 72,567 shares of the financial services provider’s stock worth $4,206,000 after purchasing an additional 7,114 shares during the period. 75.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

WFC has been the topic of a number of recent research reports. Citigroup upped their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and dropped their target price for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Tuesday, September 3rd. Evercore ISI boosted their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley cut their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Thirteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $63.07.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $73.43 on Wednesday. Wells Fargo & Company has a 1-year low of $42.15 and a 1-year high of $74.70. The company has a market capitalization of $244.48 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 1.55 and a beta of 1.14. The business has a 50 day moving average of $61.95 and a 200 day moving average of $59.49. 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 announced its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. During the same period last year, the firm earned $1.39 earnings per share. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, sell-side analysts predict that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a yield of 2.18%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 33.26%.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction dated Monday, October 14th. The stock was 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. This represents a 21.65 % 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 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.