Douglas Lane & Associates LLC Sells 757 Shares of Wells Fargo & Company (NYSE:WFC)

Douglas Lane & Associates LLC trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 6.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,632 shares of the financial services provider’s stock after selling 757 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Wells Fargo & Company were worth $747,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mattson Financial Services LLC purchased a new position in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL bought a new position in Wells Fargo & Company in the second quarter worth $26,000. Truvestments Capital LLC purchased a new position in Wells Fargo & Company during the third quarter valued at $29,000. Modus Advisors LLC purchased a new position in Wells Fargo & Company during the fourth quarter valued at $30,000. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of Wells Fargo & Company during the 3rd quarter valued at $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

NYSE WFC opened at $71.55 on Thursday. 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 has a 1-year low of $46.12 and a 1-year high of $78.13. The stock has a market capitalization of $238.23 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.47 and a beta of 1.18. The business’s fifty day moving average price is $71.89 and its 200-day moving average price is $62.76.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business 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 posted $1.39 earnings per share. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities analysts predict that Wells Fargo & Company will post 5.43 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a $0.40 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.24%. Wells Fargo & Company’s payout ratio is presently 33.26%.

Insider Transactions at Wells Fargo & Company

In related news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction 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 transaction, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on WFC shares. Compass Point lifted their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Truist Financial started coverage on Wells Fargo & Company in a research report on Tuesday. They issued a “buy” rating and a $82.00 price target on the stock. Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their price target for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. Citigroup lifted their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Finally, The Goldman Sachs Group increased their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Twelve investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.92.

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.