CTC Alternative Strategies Ltd. lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 68.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 9,065 shares of the financial services provider’s stock after selling 19,282 shares during the quarter. Wells Fargo & Company accounts for 0.6% of CTC Alternative Strategies Ltd.’s portfolio, making the stock its 24th biggest position. CTC Alternative Strategies Ltd.’s holdings in Wells Fargo & Company were worth $512,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Income Research & Management purchased a new stake in shares of Wells Fargo & Company during the 3rd quarter worth approximately $211,000. Mattson Financial Services LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $26,000. Truvestments Capital LLC bought a new position in Wells Fargo & Company in the 3rd quarter worth approximately $29,000. Finally, FSA Wealth Management LLC bought a new position in Wells Fargo & Company in the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.
Insider Buying and Selling at Wells Fargo & Company
In other news, EVP Beurden Saul Van sold 35,000 shares of the 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 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 represents a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. This trade represents a 26.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.
Wells Fargo & Company Stock Performance
Wells Fargo & Company (NYSE:WFC – Get Free Report) last posted 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 net margin of 14.43% and a return on equity of 12.25%. The company had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same period in the previous year, the firm posted $1.39 EPS. The firm’s revenue was down 2.4% compared to the same quarter last year. As a group, equities research analysts predict that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.
Wells Fargo & Company Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a dividend of $0.40 per share. The ex-dividend date was Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.15%. Wells Fargo & Company’s payout ratio is 33.26%.
Wall Street Analyst Weigh In
WFC has been the subject of several analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a report on Monday, October 14th. Compass Point raised their price objective on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Evercore ISI raised their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Morgan Stanley cut 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 report on Monday, September 30th. Finally, The Goldman Sachs Group raised their price objective on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday. 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $65.47.
Read Our Latest Stock Analysis on WFC
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.
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