Tiemann Investment Advisors LLC trimmed its stake in Wells Fargo & Co (NYSE:WFC) by 9.5% during the 3rd quarter, Holdings Channel reports. The firm owned 13,010 shares of the financial services provider’s stock after selling 1,373 shares during the quarter. Tiemann Investment Advisors LLC’s holdings in Wells Fargo & Co were worth $718,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Kalos Management Inc. increased its position in shares of Wells Fargo & Co by 5.6% in the third quarter. Kalos Management Inc. now owns 58,860 shares of the financial services provider’s stock worth $3,246,000 after purchasing an additional 3,109 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Wells Fargo & Co in the third quarter worth approximately $12,624,000. Cedar Hill Associates LLC bought a new position in shares of Wells Fargo & Co in the third quarter worth approximately $389,000. Greytown Advisors Inc. increased its position in shares of Wells Fargo & Co by 43.3% in the third quarter. Greytown Advisors Inc. now owns 13,435 shares of the financial services provider’s stock worth $741,000 after purchasing an additional 4,058 shares during the last quarter. Finally, Beacon Investment Advisory Services Inc. increased its position in shares of Wells Fargo & Co by 180.2% in the third quarter. Beacon Investment Advisory Services Inc. now owns 19,702 shares of the financial services provider’s stock worth $1,087,000 after purchasing an additional 12,670 shares during the last quarter. Institutional investors own 76.00% of the company’s stock.

In other news, Director Ronald Sargent bought 9,000 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were purchased at an average price of $55.98 per share, for a total transaction of $503,820.00. Following the completion of the acquisition, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John R. Shrewsberry sold 70,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $56.90, for a total value of $3,983,000.00. The disclosure for this sale can be found here. Insiders sold 184,482 shares of company stock worth $10,471,050 in the last 90 days. Company insiders own 0.22% of the company’s stock.

A number of brokerages have commented on WFC. Vetr cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $52.91 price target on the stock. in a research report on Monday, October 23rd. Royal Bank of Canada reiterated a “buy” rating and set a $60.00 price target on shares of Wells Fargo & Co in a research report on Wednesday, November 15th. Vertical Group upgraded shares of Wells Fargo & Co from a “sell” rating to a “buy” rating in a research report on Thursday, December 7th. Zacks Investment Research upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, December 19th. Finally, Buckingham Research upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating and increased their price target for the company from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the company. Wells Fargo & Co has a consensus rating of “Hold” and an average price target of $76.34.

Wells Fargo & Co (NYSE WFC) opened at $58.00 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $66.31. The stock has a market cap of $285,610.00, a P/E ratio of 14.04, a PEG ratio of 1.48 and a beta of 1.01.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The firm had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter in the prior year, the business posted $0.96 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. research analysts forecast that Wells Fargo & Co will post 4.72 EPS for the current fiscal year.

Wells Fargo & Co announced that its Board of Directors has approved a share repurchase program on Tuesday, January 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio is 37.77%.

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About Wells Fargo & Co

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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

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