Yacktman Asset Management LP Sells 777,150 Shares of Wells Fargo & Company (NYSE:WFC)

Yacktman Asset Management LP reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 42.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,062,647 shares of the financial services provider’s stock after selling 777,150 shares during the quarter. Yacktman Asset Management LP’s holdings in Wells Fargo & Company were worth $74,640,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in WFC. Exchange Traded Concepts LLC lifted its stake in shares of Wells Fargo & Company by 11.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 161,174 shares of the financial services provider’s stock worth $9,105,000 after buying an additional 16,819 shares during the last quarter. Redhawk Wealth Advisors Inc. raised its holdings in Wells Fargo & Company by 31.7% in the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 6,202 shares of the financial services provider’s stock valued at $350,000 after acquiring an additional 1,493 shares during the period. Polianta Ltd acquired a new stake in Wells Fargo & Company during the third quarter worth approximately $1,118,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Wells Fargo & Company by 133.8% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,495 shares of the financial services provider’s stock worth $197,000 after acquiring an additional 2,000 shares during the period. Finally, Accelerate Investment Advisors LLC acquired a new position in shares of Wells Fargo & Company in the third quarter valued at approximately $236,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on WFC shares. UBS Group boosted 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. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their price target for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Citigroup lifted their price objective on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Compass Point increased their target price on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Finally, Truist Financial lifted their price target on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Stock Down 2.0 %

Shares of NYSE WFC opened at $79.05 on Tuesday. The company has a market cap of $263.21 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 1.22 and a beta of 1.18. 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 has a 12 month low of $47.59 and a 12 month high of $81.50. The stock has a 50-day moving average price of $73.89 and a two-hundred day moving average price of $65.51.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. The business 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 firm’s revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.86 EPS. As a group, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.02%. Wells Fargo & Company’s payout ratio is presently 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.