Prana Capital Management LP Lowers Position in Wells Fargo & Company (NYSE:WFC)

Prana Capital Management LP lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 49.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 490,438 shares of the financial services provider’s stock after selling 485,450 shares during the quarter. Wells Fargo & Company accounts for 1.3% of Prana Capital Management LP’s portfolio, making the stock its 23rd biggest position. Prana Capital Management LP’s holdings in Wells Fargo & Company were worth $27,705,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Income Research & Management bought a new position in shares of Wells Fargo & Company during the third quarter valued at about $211,000. Mattson Financial Services LLC bought a new position in shares of Wells Fargo & Company during the 2nd quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Wells Fargo & Company in the 2nd quarter worth approximately $26,000. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company in the third quarter valued at approximately $29,000. Finally, FSA Wealth Management LLC bought a new position in shares of Wells Fargo & Company in the third quarter valued at approximately $34,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 163,610 shares in the company, valued at $10,421,957. This represents a 26.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the transaction, the executive vice president now owns 126,687 shares in the company, valued at approximately $7,853,327.13. This represents a 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on WFC shares. Piper Sandler boosted their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday. Compass Point increased their price target on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. The Goldman Sachs Group decreased their target price on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a research note on Tuesday. Thirteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $64.62.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $74.14 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The company has a fifty day moving average of $66.28 and a 200-day moving average of $60.52. Wells Fargo & Company has a 52-week low of $44.41 and a 52-week high of $78.13. The company has a market capitalization of $246.85 billion, a P/E ratio of 15.41, a P/E/G ratio of 1.57 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The company had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period last year, the firm posted $1.39 EPS. As a group, equities research analysts predict that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were paid a $0.40 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.16%. Wells Fargo & Company’s dividend payout ratio (DPR) is 33.26%.

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.