Bruce G. Allen Investments LLC Sells 219 Shares of Wells Fargo & Company (NYSE:WFC)

Bruce G. Allen Investments LLC lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,170 shares of the financial services provider’s stock after selling 219 shares during the period. Bruce G. Allen Investments LLC’s holdings in Wells Fargo & Company were worth $363,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in WFC. Mattson Financial Services LLC purchased a new position in Wells Fargo & Company in the second quarter valued at about $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in Wells Fargo & Company in the second quarter worth $26,000. Truvestments Capital LLC bought a new stake in shares of Wells Fargo & Company in the third quarter valued at $29,000. Modus Advisors LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at $30,000. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Wells Fargo & Company during the 3rd quarter worth $34,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 2.1 %

Wells Fargo & Company stock traded down $1.47 during mid-day trading on Friday, reaching $70.10. 10,339,162 shares of the company traded hands, compared to its average volume of 12,094,447. 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 52-week low of $46.12 and a 52-week high of $78.13. The firm’s 50 day moving average price is $72.02 and its 200 day moving average price is $62.82. The firm has a market capitalization of $233.40 billion, a price-to-earnings ratio of 14.57, a P/E/G ratio of 1.47 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.39 earnings per share. On average, analysts anticipate that Wells Fargo & Company will post 5.43 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.28%. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on WFC shares. Truist Financial started coverage on shares of Wells Fargo & Company in a research report on Tuesday. They set a “buy” rating and a $82.00 target price for the company. Citigroup increased their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their price objective for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. The Goldman Sachs Group lifted their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a report on Tuesday, December 3rd. Twelve investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.92.

Insider Buying and Selling

In other news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. The trade was a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of the sale, the executive vice president now owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

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.