Mechanics Bank Trust Department Cuts Holdings in Wells Fargo & Company (NYSE:WFC)

Mechanics Bank Trust Department lessened its stake in Wells Fargo & Company (NYSE:WFC) by 6.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 10,753 shares of the financial services provider’s stock after selling 710 shares during the quarter. Mechanics Bank Trust Department’s holdings in Wells Fargo & Company were worth $755,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in WFC. Mattson Financial Services LLC acquired a new stake in Wells Fargo & Company in the second quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $26,000. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at $29,000. Modus Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth $30,000. Finally, Decker Retirement Planning Inc. acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $32,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on WFC. UBS Group raised their price target 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. Barclays raised their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday. Keefe, Bruyette & Woods upped their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday. Truist Financial raised their price objective on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Piper Sandler boosted their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Price Performance

Shares of WFC opened at $77.22 on Monday. The company has a market capitalization of $257.11 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 1.39 and a beta of 1.18. Wells Fargo & Company has a fifty-two week low of $46.12 and a fifty-two week high of $78.13. The firm has a 50-day simple moving average of $72.74 and a 200-day simple moving average of $63.46. 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 (NYSE:WFC) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion for 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%. The company’s revenue was down .5% on a year-over-year basis. During the same period last year, the business posted $0.86 EPS. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.45 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders 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 annualized dividend and a yield of 2.07%. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

About Wells Fargo & Company

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.