MAI Capital Management Has $5.48 Million Stake in Wells Fargo & Company (NYSE:WFC)

MAI Capital Management trimmed its stake in Wells Fargo & Company (NYSE:WFC) by 13.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 97,046 shares of the financial services provider’s stock after selling 15,095 shares during the period. MAI Capital Management’s holdings in Wells Fargo & Company were worth $5,482,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. MQS Management LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter worth approximately $359,000. Crewe Advisors LLC bought a new position in Wells Fargo & Company in the 1st quarter valued at $302,000. Shell Asset Management Co. boosted its stake in Wells Fargo & Company by 35.7% in the first quarter. Shell Asset Management Co. now owns 35,422 shares of the financial services provider’s stock worth $2,053,000 after purchasing an additional 9,326 shares in the last quarter. CreativeOne Wealth LLC boosted its stake in Wells Fargo & Company by 96.7% in the first quarter. CreativeOne Wealth LLC now owns 9,278 shares of the financial services provider’s stock worth $538,000 after purchasing an additional 4,560 shares in the last quarter. Finally, Axxcess Wealth Management LLC increased its stake in shares of Wells Fargo & Company by 10.9% in the first quarter. Axxcess Wealth Management LLC now owns 72,567 shares of the financial services provider’s stock valued at $4,206,000 after buying an additional 7,114 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 0.9 %

Shares of NYSE WFC opened at $73.43 on Wednesday. Wells Fargo & Company has a twelve month low of $42.15 and a twelve month high of $74.70. The stock has a market cap of $244.48 billion, a price-to-earnings ratio of 15.27, a P/E/G ratio of 1.55 and a beta of 1.14. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The company’s fifty day moving average is $61.95 and its 200-day moving average is $59.49.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping 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 firm had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. During the same period in the previous year, the company posted $1.39 earnings per share. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.18%. Wells Fargo & Company’s dividend payout ratio is presently 33.26%.

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 stock was sold at an average price of $61.99, for a total transaction 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 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This 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.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Citigroup upped their price target on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday. Piper Sandler upped their target price on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report 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 report on Tuesday, September 3rd. The Goldman Sachs Group reduced their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Finally, Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their target price for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $63.07.

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.