Wells Fargo & Company (NYSE:WFC) Position Lowered by 44 Wealth Management LLC

44 Wealth Management LLC trimmed its position in Wells Fargo & Company (NYSE:WFC) by 7.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,512 shares of the financial services provider’s stock after selling 4,109 shares during the quarter. Wells Fargo & Company accounts for approximately 1.4% of 44 Wealth Management LLC’s portfolio, making the stock its 7th largest holding. 44 Wealth Management LLC’s holdings in Wells Fargo & Company were worth $3,548,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. 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 acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $30,000. McClarren Financial Advisors Inc. acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $30,000. Decker Retirement Planning Inc. acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $32,000. Finally, MidAtlantic Capital Management Inc. acquired a new stake in Wells Fargo & Company during the 3rd quarter valued at approximately $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WFC. Truist Financial raised 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. Evercore ISI lifted their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Citigroup lifted their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. UBS Group lifted their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, The Goldman Sachs Group lifted their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Trading Down 1.5 %

Shares of WFC stock opened at $77.43 on Friday. The stock has a fifty day moving average of $75.20 and a two-hundred day moving average of $66.90. The firm has a market capitalization of $257.81 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. 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 has a 1 year low of $50.15 and a 1 year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its earnings results 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 firm had revenue of $20.38 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was down .5% on a year-over-year basis. During the same quarter last year, the company earned $0.86 EPS. As a group, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be paid 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 2.07%. 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.