Charles Schwab Investment Management Inc. Sells 367,144 Shares of Wells Fargo & Company (NYSE:WFC)

Charles Schwab Investment Management Inc. lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,562,173 shares of the financial services provider’s stock after selling 367,144 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.68% of Wells Fargo & Company worth $1,274,537,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Cardinal Capital Management Inc. grew its stake in Wells Fargo & Company by 2.0% in the 3rd quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after buying an additional 11,037 shares during the last quarter. Chartwell Investment Partners LLC grew its position 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 purchasing an additional 18,717 shares during the last quarter. Argus Investors Counsel Inc. increased its stake in shares of Wells Fargo & Company by 34.6% in the third quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock worth $1,780,000 after purchasing an additional 8,107 shares during the period. Mesirow Financial Investment Management Inc. lifted its position in shares of Wells Fargo & Company by 111.1% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 34,464 shares of the financial services provider’s stock worth $1,947,000 after purchasing an additional 18,138 shares during the last quarter. Finally, Assetmark Inc. lifted its position in shares of Wells Fargo & Company by 5.6% during the 3rd quarter. Assetmark Inc. now owns 382,717 shares of the financial services provider’s stock worth $21,620,000 after purchasing an additional 20,149 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Beurden Saul Van sold 35,000 shares of the firm’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 completion of the sale, the executive vice president now 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 filing with the SEC, which can be accessed through this link. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company 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 $10,421,957. This represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on WFC. Piper Sandler upped their price target on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research report on Tuesday, September 3rd. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group cut their target price on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. 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 report on Tuesday, October 8th. Thirteen investment 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 company’s stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Hold” and a consensus target price of $63.07.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $74.36 on Thursday. The stock’s fifty day simple moving average is $62.35 and its 200 day simple moving average is $59.59. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $247.58 billion, a PE ratio of 15.30, a PEG ratio of 1.53 and a beta of 1.14. Wells Fargo & Company has a 12 month low of $42.40 and a 12 month high of $74.70.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating 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 business had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. During the same period in the previous year, the firm earned $1.39 EPS. Wells Fargo & Company’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, research analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 8th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.15%. Wells Fargo & Company’s payout ratio is presently 33.26%.

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.