Financial Management Network Inc. Reduces Stake in Wells Fargo & Company (NYSE:WFC)

Financial Management Network Inc. decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 14.0% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 3,136 shares of the financial services provider’s stock after selling 509 shares during the period. Financial Management Network Inc.’s holdings in Wells Fargo & Company were worth $224,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in WFC. Truvestments Capital LLC purchased a new stake in Wells Fargo & Company during the 3rd quarter worth about $29,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $30,000. McClarren Financial Advisors Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $30,000. Decker Retirement Planning Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $32,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Wells Fargo & Company during the 3rd quarter worth about $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC opened at $80.71 on Wednesday. The stock’s 50 day simple moving average is $74.72 and its 200 day simple moving average is $66.55. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The firm has a market cap of $268.72 billion, a price-to-earnings ratio of 15.00, a PEG ratio of 1.20 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $20.58 billion. During the same period last year, the company earned $0.86 EPS. Wells Fargo & Company’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 1.98%. Wells Fargo & Company’s payout ratio is 29.74%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on WFC shares. Barclays upped their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Compass Point upped their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Piper Sandler upped their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. UBS Group upped their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Morgan Stanley upped their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently 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.