Titleist Asset Management LLC Lowers Position in Wells Fargo & Company (NYSE:WFC)

Titleist Asset Management LLC decreased its stake in Wells Fargo & Company (NYSE:WFC) by 8.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,770 shares of the financial services provider’s stock after selling 596 shares during the quarter. Titleist Asset Management LLC’s holdings in Wells Fargo & Company were worth $476,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Quadrant Capital Group LLC lifted its holdings in Wells Fargo & Company by 0.7% during the fourth quarter. Quadrant Capital Group LLC now owns 39,467 shares of the financial services provider’s stock valued at $2,772,000 after purchasing an additional 259 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co lifted its stake in shares of Wells Fargo & Company by 84.1% during the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 469,500 shares of the financial services provider’s stock valued at $32,978,000 after buying an additional 214,500 shares in the last quarter. Hurley Capital LLC bought a new position in Wells Fargo & Company in the 4th quarter worth $43,000. Perennial Investment Advisors LLC increased its stake in Wells Fargo & Company by 1.9% in the 4th quarter. Perennial Investment Advisors LLC now owns 9,368 shares of the financial services provider’s stock worth $658,000 after buying an additional 176 shares in the last quarter. Finally, Mizuho Bank Ltd. bought a new stake in Wells Fargo & Company during the fourth quarter valued at about $69,000. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on WFC. Citigroup cut their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Truist Financial reduced their price objective on shares of Wells Fargo & Company from $86.00 to $84.00 and set a “buy” rating on the stock in a research report on Friday. Barclays upped their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. UBS Group lifted their price target on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. Finally, Morgan Stanley set a $79.00 price objective on Wells Fargo & Company in a research report on Monday, March 24th. Nine analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $75.50.

Wells Fargo & Company Price Performance

WFC stock opened at $60.91 on Monday. The stock has a market cap of $198.89 billion, a PE ratio of 11.32, a P/E/G ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a 50-day moving average price of $74.93 and a 200 day moving average price of $70.67. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same quarter in the previous year, the business earned $0.86 earnings per share. The company’s revenue for the quarter was down .5% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current 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 paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.63%. Wells Fargo & Company’s payout ratio is 29.74%.

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.