Narus Financial Partners LLC Cuts Stock Position in Wells Fargo & Company (NYSE:WFC)

Narus Financial Partners LLC cut its holdings in Wells Fargo & Company (NYSE:WFC) by 33.6% in the third quarter, HoldingsChannel reports. The firm owned 4,000 shares of the financial services provider’s stock after selling 2,024 shares during the quarter. Narus Financial Partners LLC’s holdings in Wells Fargo & Company were worth $226,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of WFC. Cooper Financial Group purchased a new position in shares of Wells Fargo & Company in the first quarter valued at $329,000. CHICAGO TRUST Co NA boosted its stake in Wells Fargo & Company by 11.3% during the first quarter. CHICAGO TRUST Co NA now owns 12,048 shares of the financial services provider’s stock worth $698,000 after buying an additional 1,219 shares during the period. Global Assets Advisory LLC purchased a new position in Wells Fargo & Company during the first quarter worth $2,638,000. Harbor Investment Advisory LLC boosted its stake in Wells Fargo & Company by 2.7% during the first quarter. Harbor Investment Advisory LLC now owns 9,331 shares of the financial services provider’s stock worth $541,000 after buying an additional 248 shares during the period. Finally, Strategic Planning Group LLC boosted its stake in Wells Fargo & Company by 9.7% during the first quarter. Strategic Planning Group LLC now owns 28,025 shares of the financial services provider’s stock worth $1,624,000 after buying an additional 2,481 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction dated 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 directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other 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 transaction of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now 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 disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

Wells Fargo & Company Stock Performance

WFC stock opened at $64.36 on Monday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. The business has a 50-day moving average price of $56.50 and a 200 day moving average price of $58.00. The company has a market capitalization of $224.38 billion, a P/E ratio of 13.22, a PEG ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $38.58 and a 1-year high of $64.78.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $20.37 billion during the quarter, compared to the consensus estimate 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 revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.12 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a $0.40 dividend. The ex-dividend date was Friday, August 9th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 2.49%. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 price objective on shares of Wells Fargo & Company in a research note on Monday, October 14th. BMO Capital Markets lifted their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Compass Point lifted 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 note on Tuesday, October 15th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research note on Tuesday, October 8th. Finally, Morgan Stanley dropped their price objective on shares of 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. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and an average price target of $61.82.

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.