Mount Lucas Management LP Sells 26,489 Shares of Wells Fargo & Company (NYSE:WFC)

Mount Lucas Management LP lowered its position in shares of Wells Fargo & Company (NYSE:WFC) by 59.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,782 shares of the financial services provider’s stock after selling 26,489 shares during the period. Mount Lucas Management LP’s holdings in Wells Fargo & Company were worth $1,005,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. TIAA Trust National Association boosted its position in shares of Wells Fargo & Company by 2.1% during the first quarter. TIAA Trust National Association now owns 90,515 shares of the financial services provider’s stock valued at $5,246,000 after buying an additional 1,846 shares during the last quarter. Patten & Patten Inc. TN boosted its holdings in shares of Wells Fargo & Company by 8.8% during the 1st quarter. Patten & Patten Inc. TN now owns 6,189 shares of the financial services provider’s stock valued at $359,000 after acquiring an additional 500 shares during the last quarter. Jacobi Capital Management LLC grew its stake in shares of Wells Fargo & Company by 33.6% in the first quarter. Jacobi Capital Management LLC now owns 17,954 shares of the financial services provider’s stock worth $1,041,000 after acquiring an additional 4,517 shares during the period. Catalytic Wealth RIA LLC purchased a new position in shares of Wells Fargo & Company during the first quarter valued at approximately $267,000. Finally, Trustmark National Bank Trust Department lifted its position in Wells Fargo & Company by 5.9% during the first quarter. Trustmark National Bank Trust Department now owns 5,807 shares of the financial services provider’s stock valued at $337,000 after purchasing an additional 324 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WFC. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a research note on Tuesday, October 8th. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and lowered their target price for the company from $62.00 to $59.00 in a report on Friday, August 16th. Piper Sandler boosted their price target on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Tuesday, September 3rd. Finally, The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Thirteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company has an average rating of “Hold” and a consensus price target of $62.12.

Insider Buying and Selling

In other news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the sale, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. This represents a 21.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the transaction, the executive vice president now directly 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. 0.08% of the stock is owned by company insiders.

Wells Fargo & Company Stock Up 2.1 %

Shares of WFC opened at $74.34 on Friday. The business’s 50 day moving average is $61.17 and its 200 day moving average is $59.30. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 12-month low of $41.99 and a 12-month high of $74.41. The company has a market capitalization of $247.51 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 1.55 and a beta of 1.14.

Wells Fargo & Company (NYSE:WFC) last released its 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. The firm had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.39 earnings per share. Research analysts expect that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.15%. Wells Fargo & Company’s payout ratio is 33.26%.

Wells Fargo & 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.