Wells Fargo & Company $WFC Stock Position Lowered by Private Advisor Group LLC

Key Points

• Private Advisor Group LLC lowered its position in Wells Fargo by 7.5% in Q3, selling 17,859 shares and finishing the quarter with 220,777 shares valued at about $18.5 million.
• Insiders have sold 115,000 shares (roughly $10.05 million) over the last 90 days, including EVP Ellen R. Patterson (60,000 shares) and EVP Bridget E. Engle (30,000), leaving insiders with just 0.08% ownership.
• Wells Fargo reported quarterly EPS of $1.76 (beat) while revenue of $21.29 billion slightly missed estimates; the bank pays a $0.45 quarterly dividend (annualized yield ~2.3%) and carries a consensus analyst rating of "Moderate Buy" with a $97.03 target.

Private Advisor Group LLC lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 7.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 220,777 shares of the financial services provider's stock after selling 17,859 shares during the quarter. Private Advisor Group LLC's holdings in Wells Fargo & Company were worth $18,505,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WFC. Redmont Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company during the 3rd quarter valued at about $27,000. Marquette Asset Management LLC increased its holdings in shares of Wells Fargo & Company by 472.4% in the third quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider's stock valued at $28,000 after buying an additional 274 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the 3rd quarter valued at $30,000. Kilter Group LLC acquired a new position in shares of Wells Fargo & Company in the 2nd quarter worth $31,000. Finally, Main Street Group LTD raised its position in shares of Wells Fargo & Company by 36.9% during the third quarter. Main Street Group LTD now owns 438 shares of the financial services provider's stock worth $37,000 after purchasing an additional 118 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $78.76 on Tuesday. The stock has a market capitalization of $243.03 billion, a P/E ratio of 12.56, a P/E/G ratio of 0.88 and a beta of 1.08. The business has a 50-day moving average of $89.15 and a two-hundred day moving average of $86.66. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $97.76. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.90 and a quick ratio of 0.90.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $1.76 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.10. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The business had revenue of $21.29 billion for the quarter, compared to analyst estimates of $21.63 billion. During the same quarter in the prior year, the firm posted $1.43 EPS. The firm's revenue for the quarter was up 4.5% on a year-over-year basis. On average, equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Ellen R. Patterson sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on 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 owned 169,496 shares of the company's stock, valued at $14,813,950.40. This trade represents a 26.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Bridget E. Engle sold 30,000 shares of the business's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $87.10, for a total transaction of $2,613,000.00. Following the completion of the sale, the executive vice president owned 83,478 shares of the company's stock, valued at $7,270,933.80. The trade was a 26.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 115,000 shares of company stock worth $10,050,000 over the last 90 days. Insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of recent analyst reports. Argus increased their price target on Wells Fargo & Company from $94.00 to $101.00 and gave the company a "buy" rating in a research report on Thursday, January 15th. Evercore reissued an "outperform" rating on shares of Wells Fargo & Company in a research report on Friday. CICC Research started coverage on shares of Wells Fargo & Company in a research report on Wednesday, January 14th. They issued a "market perform" rating and a $96.00 price target for the company. TD Cowen lowered their price objective on shares of Wells Fargo & Company from $102.00 to $100.00 and set a "hold" rating on the stock in a research report on Thursday, January 15th. Finally, Wolfe Research restated an "outperform" rating and issued a $109.00 target price on shares of Wells Fargo & Company in a report on Wednesday, January 7th. Thirteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.03.

Wells Fargo & Company Company Profile

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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