Hartford Investment Management Co. Decreases Stock Position in Wells Fargo & Company (NYSE:WFC)

Hartford Investment Management Co. lowered its stake in Wells Fargo & Company (NYSE:WFC) by 4.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,302 shares of the financial services provider’s stock after selling 9,121 shares during the period. Hartford Investment Management Co.’s holdings in Wells Fargo & Company were worth $12,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Cardinal Capital Management Inc. raised its holdings in Wells Fargo & Company by 2.0% in the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after acquiring an additional 11,037 shares in the last quarter. Argus Investors Counsel Inc. raised its holdings in shares of Wells Fargo & Company by 34.6% in the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock valued at $1,780,000 after purchasing an additional 8,107 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Wells Fargo & Company by 28.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock worth $27,441,000 after purchasing an additional 106,260 shares during the last quarter. FORVIS Wealth Advisors LLC lifted its position in shares of Wells Fargo & Company by 154.2% during the 1st quarter. FORVIS Wealth Advisors LLC now owns 27,222 shares of the financial services provider’s stock worth $1,578,000 after purchasing an additional 16,515 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its stake in shares of Wells Fargo & Company by 40.0% during the second quarter. EP Wealth Advisors LLC now owns 179,282 shares of the financial services provider’s stock worth $10,648,000 after purchasing an additional 51,234 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Beurden Saul Van sold 35,000 shares of the business’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 completion of the transaction, the executive vice president now owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the sale, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on WFC. Piper Sandler lifted their price target on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Morgan Stanley lowered their price target on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. Compass Point boosted their price objective on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Finally, Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research report on Tuesday, October 8th. Thirteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and an average target price of $61.82.

Wells Fargo & Company Stock Performance

NYSE WFC traded up $0.09 on Wednesday, hitting $64.90. 2,183,019 shares of the company’s stock were exchanged, compared to its average volume of 18,013,084. The firm has a market cap of $226.26 billion, a price-to-earnings ratio of 13.31, a P/E/G ratio of 1.46 and a beta of 1.16. The firm’s 50-day moving average price is $56.98 and its two-hundred day moving average price is $58.11. Wells Fargo & Company has a fifty-two week low of $38.58 and a fifty-two week high of $65.21. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The company had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the company posted $1.39 earnings per share. On average, research analysts expect that Wells Fargo & Company will post 5.12 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 paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.47%. Wells Fargo & Company’s payout ratio is 32.85%.

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.