Pzena Investment Management LLC Sells 84,255 Shares of Wells Fargo & Company (NYSE:WFC)

Pzena Investment Management LLC lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,622,217 shares of the financial services provider’s stock after selling 84,255 shares during the quarter. Wells Fargo & Company makes up approximately 2.9% of Pzena Investment Management LLC’s holdings, making the stock its 10th largest position. Pzena Investment Management LLC’s holdings in Wells Fargo & Company were worth $882,499,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in WFC. Canoe Financial LP bought a new stake in Wells Fargo & Company during the 3rd quarter valued at approximately $160,529,000. Marshall Wace LLP boosted its holdings in Wells Fargo & Company by 3,295.6% in the 2nd quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock valued at $138,493,000 after purchasing an additional 2,404,898 shares during the period. 1832 Asset Management L.P. grew its position in Wells Fargo & Company by 67.1% in the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after purchasing an additional 2,349,595 shares during the last quarter. Rokos Capital Management LLP increased its holdings in shares of Wells Fargo & Company by 141.6% during the 1st quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock worth $151,853,000 after purchasing an additional 1,536,152 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in shares of Wells Fargo & Company by 38.1% in the first quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock valued at $297,411,000 after purchasing an additional 1,415,647 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock traded up $0.14 during mid-day trading on Wednesday, reaching $73.57. 3,664,343 shares of the company were exchanged, compared to its average volume of 18,046,609. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $244.95 billion, a PE ratio of 15.27, a PEG ratio of 1.55 and a beta of 1.14. The company has a fifty day simple moving average of $61.95 and a 200-day simple moving average of $59.49. Wells Fargo & Company has a 12 month low of $42.15 and a 12 month high of $74.70.

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 (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 company had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same period last year, the company earned $1.39 earnings per share. The firm’s revenue was down 2.4% compared to the same quarter last year. As a group, equities research analysts expect that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be paid a $0.40 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a yield of 2.17%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

Analysts Set New Price Targets

WFC has been the subject of a number of analyst reports. Piper Sandler raised their price objective on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research report on Tuesday, September 3rd. Compass Point upped 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 report on Tuesday, October 15th. Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their price objective for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Finally, Citigroup boosted 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. Thirteen investment 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 MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and an average price target of $63.07.

Insider Transactions at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $61.99, for a total transaction 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. This represents a 21.65 % decrease in their position. The sale 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 shares were 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 of the company’s stock, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

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.