Richard Bernstein Advisors LLC Reduces Stock Position in Wells Fargo & Company $WFC

Key Points

• Richard Bernstein Advisors cut its stake in Wells Fargo by 54.9% in the third quarter, selling 37,940 shares and leaving the firm with 31,230 shares valued at about $2.618 million per its latest SEC filing.
• Insiders sold 115,000 shares over the last quarter (including EVP Kleber Santos and EVP Ellen R. Patterson), totaling roughly $10.05 million and reducing insider ownership to about 0.08%.
• Wells Fargo recently reported QEPS of $1.76 (beating estimates), pays a quarterly dividend of $0.45 (annualized $1.80, yield ~2.3%), and carries a consensus analyst rating of "Moderate Buy" with an average target of $97.03.

Richard Bernstein Advisors LLC trimmed its position in Wells Fargo & Company (NYSE:WFC) by 54.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,230 shares of the financial services provider's stock after selling 37,940 shares during the quarter. Richard Bernstein Advisors LLC's holdings in Wells Fargo & Company were worth $2,618,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Main Street Group LTD grew its holdings in Wells Fargo & Company by 36.9% in the 3rd quarter. Main Street Group LTD now owns 438 shares of the financial services provider's stock valued at $37,000 after buying an additional 118 shares in the last quarter. D Orazio & Associates Inc. lifted its position in shares of Wells Fargo & Company by 3.6% during the 3rd quarter. D Orazio & Associates Inc. now owns 3,436 shares of the financial services provider's stock valued at $288,000 after acquiring an additional 118 shares during the period. Stonebrook Private Inc. lifted its position in Wells Fargo & Company by 2.7% during the third quarter. Stonebrook Private Inc. now owns 4,511 shares of the financial services provider's stock worth $378,000 after purchasing an additional 118 shares during the period. Hidden Cove Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 2.0% during the 3rd quarter. Hidden Cove Wealth Management LLC now owns 5,948 shares of the financial services provider's stock worth $499,000 after acquiring an additional 119 shares during the period. Finally, Weaver Consulting Group lifted its stake in Wells Fargo & Company by 1.6% during the third quarter. Weaver Consulting Group now owns 7,441 shares of the financial services provider's stock worth $624,000 after purchasing an additional 119 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Kleber Santos sold 25,000 shares of Wells Fargo & Company stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $87.72, for a total transaction of $2,193,000.00. Following the transaction, the executive vice president directly owned 79,876 shares of the company's stock, valued at approximately $7,006,722.72. This trade represents a 23.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ellen R. Patterson sold 60,000 shares of the firm's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $87.40, for a total value of $5,244,000.00. Following the transaction, the executive vice president directly owned 169,496 shares in the company, valued at $14,813,950.40. This trade represents a 26.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 115,000 shares of company stock valued at $10,050,000 over the last quarter. 0.08% of the stock is owned by corporate insiders.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $78.76 on Tuesday. Wells Fargo & Company has a one year low of $58.42 and a one year high of $97.76. The business has a fifty day moving average price of $89.15 and a 200-day moving average price of $86.66. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $243.03 billion, a P/E ratio of 12.56, a PEG ratio of 0.88 and a beta of 1.08.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.66 by $0.10. Wells Fargo & Company had a net margin of 17.27% and a return on equity of 12.90%. The firm had revenue of $21.29 billion during the quarter, compared to the consensus estimate of $21.63 billion. During the same period last year, the firm earned $1.43 EPS. The business's quarterly revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, March 1st. Stockholders of record on Friday, February 6th were given a dividend of $0.45 per share. The ex-dividend date was Friday, February 6th. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company's dividend payout ratio is 28.71%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on WFC. JPMorgan Chase & Co. upped their price target on shares of Wells Fargo & Company from $99.00 to $99.50 and gave the stock a "neutral" rating in a report on Monday, February 9th. Barclays increased their target price on shares of Wells Fargo & Company from $94.00 to $113.00 and gave the company an "overweight" rating in a research report on Monday, January 5th. TD Cowen decreased their price target on Wells Fargo & Company from $102.00 to $100.00 and set a "hold" rating for the company in a report on Thursday, January 15th. Argus raised their price objective on shares of Wells Fargo & Company from $94.00 to $101.00 and gave the stock a "buy" rating in a research report on Thursday, January 15th. Finally, CICC Research initiated coverage on Wells Fargo & Company in a research note on Wednesday, January 14th. They issued a "market perform" rating and a $96.00 target price for the company. Thirteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $97.03.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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