Trust Point Inc. Sells 384 Shares of Wells Fargo & Company (NYSE:WFC)

Trust Point Inc. lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,960 shares of the financial services provider’s stock after selling 384 shares during the quarter. Trust Point Inc.’s holdings in Wells Fargo & Company were worth $2,879,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Mattson Financial Services LLC purchased a new stake in Wells Fargo & Company in the second quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL bought a new position in Wells Fargo & Company during the 2nd quarter valued at approximately $26,000. Valued Wealth Advisors LLC raised its holdings in Wells Fargo & Company by 53.7% in the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 220 shares in the last quarter. J.Safra Asset Management Corp lifted its stake in shares of Wells Fargo & Company by 704.3% in the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 648 shares during the period. Finally, Fairscale Capital LLC purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter worth about $47,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction dated Wednesday, October 16th. The shares were 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 of the company’s stock, valued at approximately $10,421,957. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the completion of the sale, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Evercore ISI increased their target price on Wells Fargo & Company from $68.00 to $71.00 and gave the stock an “outperform” rating in a research note on Monday. BMO Capital Markets increased their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Tuesday, September 3rd. Compass Point upped their price target on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Piper Sandler lifted their price target on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Monday. Thirteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $61.82.

Wells Fargo & Company Price Performance

NYSE WFC traded up $0.02 during trading hours on Friday, hitting $64.40. 4,515,620 shares of the company’s stock traded hands, compared to its average volume of 17,996,502. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. The firm’s 50-day moving average is $56.27 and its 200-day moving average is $57.94. The company has a market capitalization of $224.52 billion, a PE ratio of 13.22, a PEG ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a 52-week low of $38.58 and a 52-week high of $64.71.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. During the same quarter in the previous year, the firm earned $1.39 EPS. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities analysts forecast that Wells Fargo & Company will post 5.12 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were issued a $0.40 dividend. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.48%. The ex-dividend date was Friday, August 9th. Wells Fargo & Company’s payout ratio is 32.85%.

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.