Integrated Wealth Concepts LLC Reduces Stake in Wells Fargo & Company

Integrated Wealth Concepts LLC has decreased its ownership in Wells Fargo & Company (NYSE:WFC) by 11.3% during the third quarter, as indicated in its latest filing with the SEC. After selling 9,948 shares, the institutional investor now holds 78,436 shares of the financial services firm. At the conclusion of this quarter, Integrated Wealth Concepts LLC's investment in Wells Fargo was valued at approximately $4,431,000.

During the same period, several other hedge funds also adjusted their positions in Wells Fargo. Canoe Financial LP acquired a new position valued at $160,529,000. On the other hand, Marshall Wace LLP significantly boosted their stake by 3,295.6%, acquiring 2,404,898 additional shares for a total of 2,331,925 shares valued at $138,493,000. Additionally, Caisse DE Depot ET Placement DU Quebec increased its holdings by 158.1%, accumulating 1,659,716 shares, bringing their total to 2,709,659 shares worth $153,069,000. The National Pension Service also lifted its stake by 15.2%, resulting in ownership of 6,789,371 shares valued at $383,532,000 after purchasing 897,195 additional shares. Public Sector Pension Investment Board also raised its stake by 81.6%, owning 1,981,130 shares after buying 889,953 shares in the last quarter. Collectively, hedge funds and institutional investors own roughly 75.90% of Wells Fargo's stock.

Changes in Analyst Ratings

Several brokerages have recently updated their ratings for Wells Fargo. Jefferies Financial Group downgraded the stock to a "hold" rating and reduced the price target from $62.00 to $59.00 in a report issued on August 16. Conversely, Phillip Securities upgraded its rating from "neutral" to "accumulate," raising its price target from $60.83 to $65.00 in mid-October. Royal Bank of Canada maintained a "sector perform" rating, setting a price target of $61.00 for Wells Fargo shares. Similarly, Evercore ISI increased their price objective from $71.00 to $77.00, giving the stock an "outperform" rating. Deutsche Bank Aktiengesellschaft also upgraded Wells Fargo from a "hold" rating to a "buy" rating, with a price objective of $65.00. Overall, thirteen research analysts have given the stock a hold rating, eight a buy rating, and one a strong buy rating, resulting in an average rating of "Hold" with a target price around $64.62.

Insider Trading Activity

In other news, recent insider transactions have been reported. On October 16, EVP Ather Williams III sold 60,000 shares at an average price of $63.70, totaling around $3,822,000. Post sale, he retains 163,610 shares valued at roughly $10,421,957, indicating a 26.83% decrease in his holdings. Additionally, EVP Beurden Saul Van sold 35,000 shares on October 14 at an average price of $61.99, generating $2,169,650 from the transaction. After the sale, he now controls 126,687 shares worth about $7,853,327.13, reflecting a 21.65% drop in his stake. Regulatory filings reveal that company insiders own about 0.08% of Wells Fargo's stock.

Wells Fargo's Stock Performance

As of Thursday, WFC stock opened at $73.07. The company's shares experienced a low of $44.41 and a high of $78.13 over the past year. Currently, the stock's 50-day moving average stands at $66.67, while the 200-day moving average is $60.61. Wells Fargo's market capitalization is approximately $243.29 billion, with a debt-to-equity ratio of 1.09 and a price-to-earnings ratio of 15.19.

Wells Fargo recently released its earnings results on October 11, reporting earnings of $1.42 per share, exceeding analysts' expectations of $1.28 by $0.14. The company achieved a return on equity of 12.25% and a net margin of 14.43%. Revenue for the quarter was reported at $20.37 billion, slightly below the consensus estimate of $20.40 billion. This demonstrates a decline of 2.4% in revenue compared to the same quarter last year. Analysts project that Wells Fargo will achieve earnings per share of 5.42 for the current fiscal year.

Dividend Announcement by Wells Fargo

Wells Fargo also announced a quarterly dividend that was paid on December 1. Stockholders who were on record by November 8 received a dividend of $0.40 per share. This results in an annual dividend of $1.60, yielding a dividend return of 2.19%. The current dividend payout ratio is approximately 33.26%.

About Wells Fargo & Company

Wells Fargo & Company provides a wide range of financial services, including banking, investment, mortgage, and consumer and commercial finance products, both in the United States and internationally. The company operates in four segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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