Oppenheimer & Co. Inc. Decreases Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Oppenheimer & Co. Inc. reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 5.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,290 shares of the financial services provider’s stock after selling 2,037 shares during the period. Oppenheimer & Co. Inc.’s holdings in Wells Fargo & Company were worth $2,163,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Mattson Financial Services LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL purchased a new position in Wells Fargo & Company during the second quarter worth $26,000. Valued Wealth Advisors LLC increased its position in Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 220 shares during the last quarter. Fairscale Capital LLC purchased a new stake in shares of Wells Fargo & Company in the second quarter valued at $47,000. Finally, Beaird Harris Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 54.5% in the 2nd quarter. Beaird Harris Wealth Management LLC now owns 865 shares of the financial services provider’s stock worth $51,000 after acquiring an additional 305 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 21.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. This represents a 26.83 % 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.

Analysts Set New Price Targets

Several equities analysts recently commented on WFC shares. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a report on Tuesday, October 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their price objective for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Piper Sandler increased their target price on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Compass Point boosted their target price on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $62.12.

Wells Fargo & Company Stock Up 2.1 %

Shares of NYSE WFC opened at $74.34 on Friday. Wells Fargo & Company has a 12-month low of $41.99 and a 12-month high of $74.41. The stock’s fifty day simple moving average is $61.17 and its two-hundred day simple moving average is $59.30. The stock has a market capitalization of $247.51 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 1.52 and a beta of 1.14. 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 (NYSE:WFC) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The company had revenue of $20.37 billion for 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 revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.39 earnings per share. As a group, analysts expect that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

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 $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s payout ratio is currently 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.