BBR Partners LLC Reduces Position in Wells Fargo & Company (NYSE:WFC)

BBR Partners LLC decreased its holdings in Wells Fargo & Company (NYSE:WFC) by 2.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 17,405 shares of the financial services provider’s stock after selling 381 shares during the period. BBR Partners LLC’s holdings in Wells Fargo & Company were worth $983,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Canoe Financial LP purchased a new position in Wells Fargo & Company in the 3rd quarter valued at approximately $160,529,000. Marshall Wace LLP lifted its position in shares of Wells Fargo & Company by 3,295.6% during the second quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock worth $138,493,000 after acquiring an additional 2,404,898 shares in the last quarter. National Pension Service boosted its holdings in shares of Wells Fargo & Company by 15.2% in the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after acquiring an additional 897,195 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Wells Fargo & Company by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock valued at $1,178,591,000 after purchasing an additional 831,975 shares in the last quarter. Finally, Bridges Investment Management Inc. raised its stake in shares of Wells Fargo & Company by 6,978.2% during the 2nd quarter. Bridges Investment Management Inc. now owns 814,487 shares of the financial services provider’s stock valued at $48,372,000 after purchasing an additional 802,980 shares during the period. Institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on WFC shares. 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. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Piper Sandler upped their price target on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Compass Point lifted their price target on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research report on Tuesday, September 3rd. Thirteen investment 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.com, the company currently has an average rating of “Hold” and an average target price of $63.07.

Insider Activity

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction that occurred on 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 directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction that occurred 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Wells Fargo & Company Trading Down 0.2 %

Shares of WFC opened at $77.17 on Thursday. The stock has a market capitalization of $256.94 billion, a P/E ratio of 16.04, a PEG ratio of 1.60 and a beta of 1.14. Wells Fargo & Company has a twelve month low of $42.79 and a twelve month high of $78.13. 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 has a fifty day simple moving average of $64.65 and a two-hundred day simple moving average of $60.13.

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, topping analysts’ consensus estimates of $1.28 by $0.14. The company 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%. Wells Fargo & Company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.39 earnings per share. On average, research analysts anticipate that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given 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 dividend yield of 2.07%. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

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.