Brave Asset Management Inc. Sells 1,604 Shares of Wells Fargo & Company (NYSE:WFC)

Brave Asset Management Inc. cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 33.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,187 shares of the financial services provider’s stock after selling 1,604 shares during the period. Brave Asset Management Inc.’s holdings in Wells Fargo & Company were worth $224,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of WFC. Pinnacle Bancorp Inc. boosted its holdings in Wells Fargo & Company by 38.2% during the fourth quarter. Pinnacle Bancorp Inc. now owns 28,294 shares of the financial services provider’s stock worth $1,987,000 after purchasing an additional 7,822 shares during the last quarter. Armstrong Advisory Group Inc. boosted its stake in shares of Wells Fargo & Company by 12.7% in the 4th quarter. Armstrong Advisory Group Inc. now owns 2,235 shares of the financial services provider’s stock worth $157,000 after buying an additional 252 shares during the last quarter. Burney Co. grew its holdings in shares of Wells Fargo & Company by 102.0% in the fourth quarter. Burney Co. now owns 73,907 shares of the financial services provider’s stock valued at $5,191,000 after acquiring an additional 37,324 shares in the last quarter. Avity Investment Management Inc. purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $248,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Wells Fargo & Company by 5.0% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,670 shares of the financial services provider’s stock worth $258,000 after acquiring an additional 175 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $75.86 on Thursday. The company’s fifty day moving average price is $72.41 and its 200-day moving average price is $63.15. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $252.58 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 1.39 and a beta of 1.18. Wells Fargo & Company has a one year low of $46.12 and a one year high of $78.13.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.45 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were paid a $0.40 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.11%. Wells Fargo & Company’s dividend payout ratio (DPR) is 33.26%.

Wall Street Analyst Weigh In

WFC has been the subject of a number of recent analyst reports. UBS Group upped their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Royal Bank of Canada restated a “sector perform” rating and set a $61.00 price objective on shares of Wells Fargo & Company in a report on Monday, October 14th. Truist Financial assumed coverage on shares of Wells Fargo & Company in a research note on Tuesday, January 7th. They issued a “buy” rating and a $82.00 target price on the stock. The Goldman Sachs Group raised their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their price target for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Twelve investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.