Richard Bernstein Advisors LLC Sells 37,940 Shares of Wells Fargo & Company $WFC

Richard Bernstein Advisors LLC cut its holdings in Wells Fargo & Company (NYSE:WFC) by 54.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,230 shares of the financial services provider’s stock after selling 37,940 shares during the quarter. Richard Bernstein Advisors LLC’s holdings in Wells Fargo & Company were worth $2,618,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of WFC. Redmont Wealth Advisors LLC bought a new position in Wells Fargo & Company in the third quarter valued at about $27,000. Marquette Asset Management LLC lifted its holdings in Wells Fargo & Company by 472.4% during the third quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 274 shares in the last quarter. Grey Fox Wealth Advisors LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter worth $30,000. Kilter Group LLC bought a new position in Wells Fargo & Company in the 2nd quarter worth approximately $31,000. Finally, Main Street Group LTD grew its stake in Wells Fargo & Company by 36.9% during the third quarter. Main Street Group LTD now owns 438 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 118 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Insider Buying and Selling

In related news, EVP Ellen R. Patterson sold 60,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $87.40, for a total value of $5,244,000.00. Following the sale, the executive vice president directly owned 169,496 shares in the company, valued at approximately $14,813,950.40. The trade was a 26.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Bridget E. Engle sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $87.10, for a total value of $2,613,000.00. Following the transaction, the executive vice president owned 83,478 shares of the company’s stock, valued at approximately $7,270,933.80. This represents a 26.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 115,000 shares of company stock worth $10,050,000. Company insiders own 0.08% of the company’s stock.

Wells Fargo & Company Stock Down 2.1%

Wells Fargo & Company stock opened at $78.76 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.05. The firm has a market cap of $243.03 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 0.88 and a beta of 1.08. The business’s 50-day moving average price is $89.15 and its 200 day moving average price is $86.66. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.66 by $0.10. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The company had revenue of $21.29 billion for the quarter, compared to analyst estimates of $21.63 billion. During the same period last year, the company earned $1.43 earnings per share. Wells Fargo & Company’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, March 1st. Shareholders of record on Friday, February 6th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, February 6th. Wells Fargo & Company’s payout ratio is presently 28.71%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Wolfe Research reaffirmed an “outperform” rating and set a $109.00 price target on shares of Wells Fargo & Company in a research note on Wednesday, January 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Wednesday, January 21st. Robert W. Baird raised shares of Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 price target for the company in a research note on Friday, February 13th. Argus upped their price objective on shares of Wells Fargo & Company from $94.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, January 15th. Finally, HSBC restated a “hold” rating and set a $74.00 target price on shares of Wells Fargo & Company in a report on Wednesday, January 7th. Thirteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.03.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.