Sawtooth Solutions LLC Sells 20,085 Shares of Wells Fargo & Co (WFC)

Sawtooth Solutions LLC decreased its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 60.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,989 shares of the financial services provider’s stock after selling 20,085 shares during the quarter. Sawtooth Solutions LLC’s holdings in Wells Fargo & Co were worth $682,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Cedar Capital LLC increased its stake in Wells Fargo & Co by 13.3% in the 2nd quarter. Cedar Capital LLC now owns 7,383 shares of the financial services provider’s stock worth $409,000 after buying an additional 867 shares during the period. Kessler Investment Group LLC increased its stake in Wells Fargo & Co by 2.3% in the 2nd quarter. Kessler Investment Group LLC now owns 38,680 shares of the financial services provider’s stock worth $2,144,000 after buying an additional 875 shares during the period. Proficio Capital Partners LLC increased its stake in Wells Fargo & Co by 18.4% in the 2nd quarter. Proficio Capital Partners LLC now owns 5,699 shares of the financial services provider’s stock worth $316,000 after buying an additional 886 shares during the period. GHP Investment Advisors Inc. increased its stake in Wells Fargo & Co by 2.9% in the 2nd quarter. GHP Investment Advisors Inc. now owns 31,775 shares of the financial services provider’s stock worth $1,762,000 after buying an additional 886 shares during the period. Finally, Community Trust & Investment Co. increased its stake in Wells Fargo & Co by 13.1% in the 2nd quarter. Community Trust & Investment Co. now owns 7,723 shares of the financial services provider’s stock worth $428,000 after buying an additional 894 shares during the period. 77.59% of the stock is currently owned by institutional investors.

Shares of Wells Fargo & Co stock opened at $52.23 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. Wells Fargo & Co has a 1 year low of $50.02 and a 1 year high of $66.31. The stock has a market cap of $249.98 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.09 and a beta of 1.15.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. The business had revenue of $21.94 billion for the quarter, compared to the consensus estimate of $21.90 billion. As a group, equities research analysts forecast that Wells Fargo & Co will post 4.5 earnings per share for the current fiscal year.

Wells Fargo & Co declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 23rd that allows the company to buyback 350,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Friday, November 9th will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 3.29%. The ex-dividend date is Thursday, November 8th. Wells Fargo & Co’s payout ratio is 41.85%.

In other Wells Fargo & Co news, EVP Hope A. Hardison sold 25,000 shares of the stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the transaction, the executive vice president now directly owns 109 shares in the company, valued at approximately $6,323.09. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Avid Modjtabai sold 100,000 shares of the stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.

Several research firms recently commented on WFC. UBS Group set a $63.00 price target on shares of Wells Fargo & Co and gave the stock a “buy” rating in a research note on Friday, September 28th. Zacks Investment Research raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Thursday, July 19th. BMO Capital Markets raised their price target on shares of Wells Fargo & Co to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 15th. Susquehanna Bancshares set a $63.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research note on Friday, July 13th. Finally, Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $57.00 to $63.00 in a research note on Sunday, July 15th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $63.79.

Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

Read More: Outstanding Shares and The Effect on Share Price

Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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