Fulton Bank N.A. Cuts Position in Wells Fargo & Company (NYSE:WFC)

Fulton Bank N.A. trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 13.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,413 shares of the financial services provider’s stock after selling 2,936 shares during the period. Fulton Bank N.A.’s holdings in Wells Fargo & Company were worth $1,364,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of WFC. Income Research & Management acquired a new position in Wells Fargo & Company during the 3rd quarter worth about $211,000. Mattson Financial Services LLC purchased a new stake in Wells Fargo & Company during the second quarter worth about $25,000. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $30,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $26,000. Finally, Truvestments Capital LLC purchased a new position in shares of Wells Fargo & Company in the third quarter valued at approximately $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Ather Williams III sold 60,000 shares of the 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 owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 26.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Beurden Saul Van sold 35,000 shares of the firm’s 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 transaction, the executive vice president now directly 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. Corporate insiders own 0.08% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $71.55 on Thursday. The stock’s 50-day moving average is $71.89 and its two-hundred day moving average is $62.76. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. Wells Fargo & Company has a 1 year low of $46.12 and a 1 year high of $78.13. The firm has a market cap of $238.23 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.47 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.39 EPS. Analysts predict that Wells Fargo & Company will post 5.43 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.24%. Wells Fargo & Company’s payout ratio is 33.26%.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent research reports. Keefe, Bruyette & Woods upped 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, December 3rd. Compass Point upped their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Barclays lifted their target price on Wells Fargo & Company from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday. Royal Bank of Canada restated a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a report on Monday, October 14th. Finally, Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. Twelve equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.

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.