LJI Wealth Management LLC Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

LJI Wealth Management LLC cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 8.1% during the 3rd quarter, Holdings Channel reports. The firm owned 22,487 shares of the financial services provider’s stock after selling 1,978 shares during the quarter. LJI Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,270,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in shares of Wells Fargo & Company by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock worth $1,178,591,000 after purchasing an additional 831,975 shares during the period. National Pension Service boosted its stake in Wells Fargo & Company by 15.2% in the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock valued at $383,532,000 after acquiring an additional 897,195 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its stake in Wells Fargo & Company by 2.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider’s stock valued at $375,183,000 after acquiring an additional 162,066 shares during the last quarter. 1832 Asset Management L.P. grew its position in shares of Wells Fargo & Company by 67.1% during the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock valued at $339,226,000 after acquiring an additional 2,349,595 shares during the period. Finally, First Pacific Advisors LP increased its stake in shares of Wells Fargo & Company by 2.1% during the 2nd quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider’s stock worth $313,500,000 after purchasing an additional 108,480 shares during the last quarter. 75.90% of the stock is owned by institutional investors.

Insider Transactions at Wells Fargo & Company

In other news, EVP Beurden Saul Van sold 35,000 shares of the business’s 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 sale, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, 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. Corporate insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. The Goldman Sachs Group dropped their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Morgan Stanley cut their price target on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Piper Sandler boosted their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $61.00 price target on shares of Wells Fargo & Company in a research report on Monday, October 14th. Thirteen equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Hold” and an average target price of $62.12.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock traded up $1.54 on Friday, hitting $74.34. 18,836,977 shares of the company traded hands, compared to its average volume of 18,126,145. The stock has a market capitalization of $247.51 billion, a P/E ratio of 15.46, a price-to-earnings-growth ratio of 1.52 and a beta of 1.14. Wells Fargo & Company has a 52 week low of $41.99 and a 52 week high of $74.41. 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 business has a 50-day simple moving average of $61.17 and a 200 day simple moving average of $59.30.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.14. The firm 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 company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.39 EPS. Research analysts expect that Wells Fargo & Company will post 5.42 earnings per share 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. Shareholders of record on Friday, November 8th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.15%. Wells Fargo & Company’s payout ratio is currently 33.26%.

About Wells Fargo & Company

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.