Mengis Capital Management Inc. Sells 4,598 Shares of Wells Fargo & Company (NYSE:WFC)

Mengis Capital Management Inc. cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 41.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 6,513 shares of the financial services provider’s stock after selling 4,598 shares during the period. Mengis Capital Management Inc.’s holdings in Wells Fargo & Company were worth $368,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of WFC. Cozad Asset Management Inc. purchased a new stake in Wells Fargo & Company during the first quarter valued at about $211,000. Koshinski Asset Management Inc. purchased a new position in shares of Wells Fargo & Company during the 1st quarter valued at about $577,000. Interchange Capital Partners LLC bought a new stake in Wells Fargo & Company in the 1st quarter worth approximately $213,000. TBH Global Asset Management LLC boosted its stake in Wells Fargo & Company by 19.1% in the first quarter. TBH Global Asset Management LLC now owns 6,382 shares of the financial services provider’s stock worth $370,000 after buying an additional 1,022 shares in the last quarter. Finally, Wealthquest Corp bought a new position in Wells Fargo & Company during the first quarter valued at approximately $209,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Insider Activity at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction on 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 sale, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction that occurred on 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction that occurred on Monday, October 14th. The stock was 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 of the company’s stock, 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 owned by corporate insiders.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $72.58 on Wednesday. Wells Fargo & Company has a 1 year low of $40.53 and a 1 year high of $74.27. The stock has a market capitalization of $241.65 billion, a P/E ratio of 15.09, a P/E/G ratio of 1.63 and a beta of 1.14. The company’s 50-day moving average is $60.15 and its 200 day moving average is $59.01. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data 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 net margin of 14.43% and a return on equity of 12.25%. The business had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. During the same quarter in the previous year, the firm posted $1.39 earnings per share. Wells Fargo & Company’s quarterly revenue was down 2.4% on a year-over-year basis. On average, sell-side analysts expect that Wells Fargo & Company will post 5.39 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.20%. Wells Fargo & Company’s payout ratio is currently 33.26%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on WFC shares. Piper Sandler boosted their price objective on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and lowered their price target for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. The Goldman Sachs Group reduced their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a research note on Tuesday, October 8th. Finally, Compass Point increased their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $62.12.

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.