Baker Tilly Wealth Management LLC Sells 1,362 Shares of Wells Fargo & Company (NYSE:WFC)

Baker Tilly Wealth Management LLC cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 15.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,286 shares of the financial services provider’s stock after selling 1,362 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Wells Fargo & Company were worth $512,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Synovus Financial Corp boosted its position in Wells Fargo & Company by 32.2% during the third quarter. Synovus Financial Corp now owns 99,049 shares of the financial services provider’s stock valued at $5,595,000 after purchasing an additional 24,126 shares during the last quarter. Cardinal Capital Management Inc. raised its stake in shares of Wells Fargo & Company by 2.0% during the 3rd quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock worth $32,505,000 after purchasing an additional 11,037 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Wells Fargo & Company by 37.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after purchasing an additional 173,083 shares in the last quarter. Atlantic Union Bankshares Corp grew its stake in shares of Wells Fargo & Company by 17.4% in the third quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock valued at $10,031,000 after buying an additional 26,320 shares in the last quarter. Finally, Chartwell Investment Partners LLC grew its stake in shares of Wells Fargo & Company by 16.4% in the third quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after buying an additional 18,717 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Beurden Saul Van sold 35,000 shares of the firm’s 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 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 21.65 % decrease in their position. 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 company’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 owns 163,610 shares of the company’s stock, valued at approximately $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.

Wells Fargo & Company Price Performance

NYSE:WFC traded down $1.48 during trading hours on Friday, reaching $70.09. 3,797,648 shares of the company were exchanged, compared to its average volume of 11,042,915. The company has a market capitalization of $233.36 billion, a P/E ratio of 14.57, a P/E/G ratio of 1.47 and a beta of 1.18. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The business has a 50 day moving average of $72.02 and a 200 day moving average of $62.82. Wells Fargo & Company has a 1-year low of $46.12 and a 1-year high of $78.13.

Wells Fargo & Company (NYSE:WFC) last released its earnings results 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 company had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.39 EPS. Research analysts forecast that Wells Fargo & Company will post 5.43 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Analysts Set New Price Targets

A number of brokerages have recently commented on WFC. Royal Bank of Canada reissued a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research report on Monday, October 14th. Compass Point boosted their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Citigroup upped their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Truist Financial began coverage on Wells Fargo & Company in a research note on Tuesday. They set a “buy” rating and a $82.00 target price for the company. Finally, Wolfe Research upgraded 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 note on Tuesday, October 8th. Twelve analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $69.92.

Wells Fargo & 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.