Bruce G. Allen Investments LLC Lowers Position in Wells Fargo & Company (NYSE:WFC)

Bruce G. Allen Investments LLC lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 & Exchange Commission.

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

Wells Fargo & Company Stock Performance

NYSE WFC traded down $1.47 on Friday, reaching $70.10. 10,339,162 shares of the company’s stock traded hands, compared to its average volume of 12,094,447. Wells Fargo & Company has a fifty-two week low of $46.12 and a fifty-two week high of $78.13. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap 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. The stock has a 50 day moving average price of $72.02 and a 200-day moving average price of $62.82.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. During the same quarter in the prior year, the business earned $1.39 earnings per share. The company’s revenue was down 2.4% compared to the same quarter last year. Equities research analysts predict that Wells Fargo & Company will post 5.43 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on WFC. The Goldman Sachs Group lifted their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Truist Financial started coverage on Wells Fargo & Company in a research note on Tuesday. They set a “buy” rating and a $82.00 target price on the stock. Compass Point raised their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Piper Sandler boosted their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Morgan Stanley reduced their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Twelve research 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. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.

Insider Activity 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 shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the sale, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This trade represents a 21.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company 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 sale, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents 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 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.