Wells Fargo & Company (NYSE:WFC) Stake Lessened by Providence Capital Advisors LLC

Providence Capital Advisors LLC lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 13.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 9,538 shares of the financial services provider’s stock after selling 1,500 shares during the period. Providence Capital Advisors LLC’s holdings in Wells Fargo & Company were worth $670,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. Norges Bank acquired a new position in shares of Wells Fargo & Company during the 4th quarter valued at $3,365,658,000. Nordea Investment Management AB grew its holdings in Wells Fargo & Company by 10.1% during the fourth quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock worth $441,983,000 after acquiring an additional 575,892 shares during the period. Two Sigma Advisers LP raised its position in Wells Fargo & Company by 730.4% in the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after acquiring an additional 5,237,500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Wells Fargo & Company by 6.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,464,967 shares of the financial services provider’s stock valued at $389,707,000 after acquiring an additional 352,821 shares during the last quarter. Finally, Korea Investment CORP boosted its position in shares of Wells Fargo & Company by 53.9% during the 4th quarter. Korea Investment CORP now owns 3,286,809 shares of the financial services provider’s stock valued at $230,865,000 after purchasing an additional 1,150,443 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on WFC. Piper Sandler increased their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research note on Thursday, March 13th. Compass Point boosted their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Truist Financial upped their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Finally, The Goldman Sachs Group lifted their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Ten investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.18.

Wells Fargo & Company Trading Down 1.6 %

Shares of NYSE WFC opened at $72.33 on Friday. The business has a 50 day simple moving average of $75.97 and a 200 day simple moving average of $69.80. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The stock has a market cap of $236.17 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate 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 net margin of 15.73% and a return on equity of 12.38%. The company’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.86 earnings per share. On average, research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

Wells Fargo & Company Company Profile

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.