Wells Fargo & Company (NYSE:WFC) Shares Sold by Hotchkis & Wiley Capital Management LLC

Hotchkis & Wiley Capital Management LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 5.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 13,227,140 shares of the financial services provider’s stock after selling 753,940 shares during the quarter. Wells Fargo & Company comprises about 2.5% of Hotchkis & Wiley Capital Management LLC’s holdings, making the stock its 6th largest position. Hotchkis & Wiley Capital Management LLC’s holdings in Wells Fargo & Company were worth $747,201,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Investors Research Corp raised its holdings in Wells Fargo & Company by 1.2% in the third quarter. Investors Research Corp now owns 13,461 shares of the financial services provider’s stock valued at $760,000 after buying an additional 160 shares during the period. Ellenbecker Investment Group raised its position in Wells Fargo & Company by 3.9% in the third quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider’s stock valued at $250,000 after purchasing an additional 164 shares during the period. Income Research & Management acquired a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $211,000. Modera Wealth Management LLC boosted its holdings in Wells Fargo & Company by 0.9% in the third quarter. Modera Wealth Management LLC now owns 18,014 shares of the financial services provider’s stock worth $1,018,000 after purchasing an additional 167 shares during the period. Finally, Catalina Capital Group LLC lifted its position in Wells Fargo & Company by 1.7% in the 3rd quarter. Catalina Capital Group LLC now owns 9,886 shares of the financial services provider’s stock worth $558,000 after buying an additional 168 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $75.32 on Tuesday. The firm has a fifty day simple moving average of $65.48 and a 200 day simple moving average of $60.33. 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 company has a market capitalization of $250.78 billion, a PE ratio of 15.66, a P/E/G ratio of 1.59 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $44.41 and a twelve month 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 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 business had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. During the same period in the previous year, the company posted $1.39 earnings per share. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is 33.26%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on WFC. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Tuesday, September 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their price target for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research report on Tuesday, October 8th. Finally, Evercore ISI upped 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. Thirteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $63.07.

Insiders Place Their Bets

In related news, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ather Williams III sold 60,000 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value 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 represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

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.