Diversified LLC Cuts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Diversified LLC lessened its stake in Wells Fargo & Company (NYSE:WFC) by 4.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,474 shares of the financial services provider’s stock after selling 304 shares during the quarter. Diversified LLC’s holdings in Wells Fargo & Company were worth $366,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Waverly Advisors LLC increased its holdings in Wells Fargo & Company by 34.2% in the 1st quarter. Waverly Advisors LLC now owns 49,364 shares of the financial services provider’s stock worth $2,861,000 after acquiring an additional 12,588 shares in the last quarter. Interval Partners LP increased its holdings in Wells Fargo & Company by 32,255.8% in the 1st quarter. Interval Partners LP now owns 160,779 shares of the financial services provider’s stock worth $9,319,000 after acquiring an additional 161,279 shares in the last quarter. Sweeney & Michel LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth $1,372,000. Dynasty Wealth Management LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth $1,699,000. Finally, B. Riley Wealth Advisors Inc. boosted its stake in Wells Fargo & Company by 22.7% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 67,346 shares of the financial services provider’s stock worth $3,903,000 after purchasing an additional 12,473 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 1.2 %

NYSE WFC opened at $76.88 on Monday. The firm’s 50-day moving average is $63.28 and its two-hundred day moving average is $59.80. Wells Fargo & Company has a 12 month low of $42.52 and a 12 month high of $76.88. 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 stock has a market capitalization of $255.97 billion, a P/E ratio of 15.79, a PEG ratio of 1.58 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter in the prior year, the company posted $1.39 earnings per share. Wells Fargo & Company’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.42 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm 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 dividend of $0.40 per share. 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 2.08%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WFC. Compass Point lifted their target price on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Evercore ISI lifted their target price on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Piper Sandler lifted their target price 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. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Tuesday, September 3rd. Finally, Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and lowered their target price for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Thirteen investment 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 stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and a consensus target price of $63.07.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction dated 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 directly owns 126,687 shares in the company, valued at $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. This trade represents a 26.83 % 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.

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.