Addison Advisors LLC Trims Stock Position in Wells Fargo & Company (NYSE:WFC)

Addison Advisors LLC decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 10.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,575 shares of the financial services provider’s stock after selling 192 shares during the quarter. Addison Advisors LLC’s holdings in Wells Fargo & Company were worth $89,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. raised its position in Wells Fargo & Company by 2.0% in the 3rd quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after purchasing an additional 11,037 shares during the last quarter. Argus Investors Counsel Inc. boosted its stake in shares of Wells Fargo & Company by 34.6% during the third quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock worth $1,780,000 after buying an additional 8,107 shares during the period. Mesirow Financial Investment Management Inc. boosted its stake in shares of Wells Fargo & Company by 111.1% during the third quarter. Mesirow Financial Investment Management Inc. now owns 34,464 shares of the financial services provider’s stock worth $1,947,000 after buying an additional 18,138 shares during the period. Assetmark Inc. grew its holdings in shares of Wells Fargo & Company by 5.6% during the third quarter. Assetmark Inc. now owns 382,717 shares of the financial services provider’s stock worth $21,620,000 after buying an additional 20,149 shares during the last quarter. Finally, M&G PLC increased its position in Wells Fargo & Company by 31.8% in the 3rd quarter. M&G PLC now owns 755,930 shares of the financial services provider’s stock valued at $42,332,000 after acquiring an additional 182,274 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 3.7 %

WFC stock opened at $72.60 on Tuesday. The firm has a market capitalization of $241.72 billion, a PE ratio of 15.09, a P/E/G ratio of 1.57 and a beta of 1.14. The company’s 50 day simple moving average is $59.59 and its 200-day simple moving average is $58.83. Wells Fargo & Company has a 12 month low of $40.53 and a 12 month high of $74.27. 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 (NYSE:WFC) last issued its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating 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 company had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same period in the previous year, the firm posted $1.39 EPS. Wells Fargo & Company’s revenue was down 2.4% on a year-over-year basis. Equities analysts expect that Wells Fargo & Company will post 5.39 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.20%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 33.26%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their price target for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Keefe, Bruyette & Woods dropped their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research note on Monday, July 15th. Evercore ISI raised their price objective 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. Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and lowered their price objective for the company from $62.00 to $59.00 in a report on Friday, August 16th. Finally, The Goldman Sachs Group cut their target price on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Thirteen equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $62.12.

Insider Buying and Selling

In other news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction dated 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 transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Beurden Saul Van sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the transaction, the executive vice president now owns 126,687 shares in the company, valued at approximately $7,853,327.13. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company 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 transaction, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

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.