Tributary Capital Management LLC Sells 500 Shares of Wells Fargo & Company (NYSE:WFC)

by · The Markets Daily

Tributary Capital Management LLC lessened its stake in Wells Fargo & Company (NYSE:WFC – Free Report) by 4.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,800 shares of the financial services provider’s stock after selling 500 shares during the quarter. Tributary Capital Management LLC’s holdings in Wells Fargo & Company were worth $610,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Canoe Financial LP bought a new stake in Wells Fargo & Company during the third quarter worth $160,529,000. J.W. Cole Advisors Inc. lifted its holdings in Wells Fargo & Company by 22.9% during the third quarter. J.W. Cole Advisors Inc. now owns 38,981 shares of the financial services provider’s stock worth $2,202,000 after acquiring an additional 7,276 shares during the period. Modera Wealth Management LLC raised its stake in shares of 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 valued at $1,018,000 after buying an additional 167 shares during the period. Arkadios Wealth Advisors raised its stake in shares of Wells Fargo & Company by 19.5% in the third quarter. Arkadios Wealth Advisors now owns 19,801 shares of the financial services provider’s stock valued at $1,119,000 after buying an additional 3,228 shares during the period. Finally, NorthCrest Asset Manangement LLC grew its position in shares of Wells Fargo & Company by 1.9% in the third quarter. NorthCrest Asset Manangement LLC now owns 174,475 shares of the financial services provider’s stock valued at $9,856,000 after purchasing an additional 3,292 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on WFC. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and reduced their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. The Goldman Sachs Group reduced their price target 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. Keefe, Bruyette & Woods reduced their price target on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research report on Monday, July 15th. Morgan Stanley reduced their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. Finally, Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their target price for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. Thirteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $61.82.

Get Our Latest Research Report on Wells Fargo & Company

Wells Fargo & Company Trading Down 1.4 %

WFC opened at $64.53 on Monday. The business has a 50 day simple moving average of $57.60 and a two-hundred day simple moving average of $58.26. The firm has a market capitalization of $224.97 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 1.46 and a beta of 1.16. 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 has a one year low of $38.62 and a one year high of $65.95.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $20.37 billion during the quarter, compared to analyst estimates 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 quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.39 EPS. Analysts predict that Wells Fargo & Company will post 5.36 EPS 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 2.48%. Wells Fargo & Company’s payout ratio is currently 32.85%.

Insider Buying and Selling

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the 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 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was 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 directly owns 163,610 shares of the company’s stock, valued at $10,421,957. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the transaction, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

About Wells Fargo & Company

(Free Report)

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.

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