Patrick M Sweeney & Associates Inc. Trims Stock Position in Wells Fargo & Company (NYSE:WFC)

Patrick M Sweeney & Associates Inc. lowered its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 16.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 5,362 shares of the financial services provider’s stock after selling 1,065 shares during the quarter. Patrick M Sweeney & Associates Inc.’s holdings in Wells Fargo & Company were worth $377,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mattson Financial Services LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at about $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at about $26,000. Truvestments Capital LLC purchased a new stake in shares of Wells Fargo & Company during the 3rd quarter valued at about $29,000. Modus Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $30,000. Finally, Decker Retirement Planning Inc. purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $77.90 on Tuesday. The company has a market cap of $259.37 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 1.17 and a beta of 1.18. The firm’s fifty day moving average is $73.19 and its 200 day moving average is $64.10. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52-week low of $47.45 and a 52-week high of $78.30.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.86 earnings per share. Sell-side analysts forecast that Wells Fargo & Company will post 5.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Citigroup boosted their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Morgan Stanley boosted their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Truist Financial boosted their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Barclays boosted their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Finally, Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their price objective for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $73.39.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.