Intrinsic Value Partners LLC Sells 663 Shares of Wells Fargo & Company (NYSE:WFC)

11 Nov 2024, 17:00 by Kim Johansen · The Markets Daily

Intrinsic Value Partners LLC reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 4.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,110 shares of the financial services provider’s stock after selling 663 shares during the quarter. Wells Fargo & Company accounts for about 0.9% of Intrinsic Value Partners LLC’s investment portfolio, making the stock its 23rd biggest holding. Intrinsic Value Partners LLC’s holdings in Wells Fargo & Company were worth $910,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of WFC. Mattson Financial Services LLC purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $26,000. Valued Wealth Advisors LLC increased its holdings in shares of Wells Fargo & Company by 53.7% in the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 220 shares in the last quarter. J.Safra Asset Management Corp raised its stake in shares of Wells Fargo & Company by 704.3% in the first quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 648 shares during the last quarter. Finally, Fairscale Capital LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at $47,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $70.04 on Monday. The business’s 50-day simple moving average is $59.59 and its two-hundred day simple moving average is $58.84. Wells Fargo & Company has a 52 week low of $40.27 and a 52 week high of $74.27. The stock has a market cap of $233.20 billion, a PE ratio of 14.56, a P/E/G ratio of 1.57 and a beta of 1.14. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (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 firm had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter last year, the business posted $1.39 earnings per share. The firm’s revenue was down 2.4% on a year-over-year basis. As a group, analysts forecast that Wells Fargo & Company will post 5.39 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s payout ratio is currently 33.26%.

Insider Transactions at Wells Fargo & Company

In related news, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $7,853,327.13. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

WFC has been the subject of several research analyst reports. The Goldman Sachs Group reduced their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Wolfe Research upgraded 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 note on Tuesday, October 8th. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their price objective for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and dropped their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Finally, Piper Sandler boosted their target price on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Thirteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and a consensus price target of $62.12.

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