Carret Asset Management LLC Sells 2,350 Shares of Wells Fargo & Company (NYSE:WFC)

Carret Asset Management LLC trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 7.2% in the third quarter, HoldingsChannel reports. The fund owned 30,172 shares of the financial services provider’s stock after selling 2,350 shares during the period. Carret Asset Management LLC’s holdings in Wells Fargo & Company were worth $1,704,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in WFC. Brookstone Capital Management boosted its position in Wells Fargo & Company by 6.9% during the first quarter. Brookstone Capital Management now owns 19,476 shares of the financial services provider’s stock valued at $1,129,000 after buying an additional 1,263 shares during the period. Wealthcare Advisory Partners LLC lifted its stake in shares of Wells Fargo & Company by 3.0% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 13,414 shares of the financial services provider’s stock valued at $778,000 after acquiring an additional 391 shares during the last quarter. Vicus Capital lifted its stake in shares of Wells Fargo & Company by 7.7% in the 1st quarter. Vicus Capital now owns 6,591 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 471 shares during the last quarter. Cornerstone Wealth Group LLC purchased a new stake in Wells Fargo & Company during the 1st quarter valued at about $292,000. Finally, Aviance Capital Partners LLC bought a new position in Wells Fargo & Company during the 1st quarter worth approximately $533,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC stock opened at $64.53 on Friday. 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 firm has a market capitalization of $224.97 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 1.46 and a beta of 1.16. The firm has a 50 day moving average price of $57.60 and a 200-day moving average price of $58.25. Wells Fargo & Company has a 52-week low of $38.62 and a 52-week high of $65.95.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS 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 business had revenue of $20.37 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. Equities research analysts forecast that Wells Fargo & Company will post 5.36 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company 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 dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Ather Williams III sold 60,000 shares of the company’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 transaction, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the sale, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was 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 directly owns 163,610 shares of the company’s stock, 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 owned by company insiders.

Analyst Ratings Changes

WFC has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods dropped their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research report on Monday, July 15th. Evercore ISI boosted their price objective on shares of Wells Fargo & Company from $68.00 to $71.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. BMO Capital Markets increased their target price on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Finally, Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and reduced their price target for the company from $62.00 to $59.00 in a report on Friday, August 16th. 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $61.82.

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.