Camden National Bank Trims Holdings in Wells Fargo & Company (NYSE:WFC)

Camden National Bank decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 24.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,691 shares of the financial services provider’s stock after selling 1,503 shares during the quarter. Camden National Bank’s holdings in Wells Fargo & Company were worth $265,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Stonebrook Private Inc. bought a new position in shares of Wells Fargo & Company during the 3rd quarter worth $214,000. Nwam LLC bought a new position in shares of Wells Fargo & Company during the 3rd quarter worth $309,000. Meridian Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the 3rd quarter worth $504,000. GM Advisory Group LLC grew its position in shares of Wells Fargo & Company by 1.6% during the 3rd quarter. GM Advisory Group LLC now owns 17,129 shares of the financial services provider’s stock worth $968,000 after buying an additional 272 shares in the last quarter. Finally, Allen Capital Group LLC grew its position in shares of Wells Fargo & Company by 17.2% during the 3rd quarter. Allen Capital Group LLC now owns 7,264 shares of the financial services provider’s stock worth $410,000 after buying an additional 1,064 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 1.5 %

Shares of NYSE:WFC opened at $75.96 on Friday. Wells Fargo & Company has a 52-week low of $42.52 and a 52-week high of $76.08. The stock has a market cap of $252.91 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 1.56 and a beta of 1.14. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The business has a 50-day moving average price of $63.28 and a 200-day moving average price of $59.81.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (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 firm had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. During the same period last year, the business 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 analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

Analyst Ratings Changes

A number of research firms have recently issued reports on WFC. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and dropped their price objective for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Phillip Securities raised 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 report on Tuesday, October 15th. Evercore ISI raised their price objective on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley dropped their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research report on Monday, September 30th. Thirteen 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $63.07.

Insider Transactions at Wells Fargo & Company

In related news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company 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 completion of the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This trade represents a 26.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction that occurred on 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 transaction, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This represents a 21.65 % 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 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.