Gardner Russo & Quinn LLC Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

Gardner Russo & Quinn LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 51.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 193,556 shares of the financial services provider’s stock after selling 208,764 shares during the period. Wells Fargo & Company accounts for about 0.2% of Gardner Russo & Quinn LLC’s holdings, making the stock its 22nd largest holding. Gardner Russo & Quinn LLC’s holdings in Wells Fargo & Company were worth $13,595,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Michael A. Dubis Financial Planning LLC acquired a new stake in Wells Fargo & Company during the fourth quarter worth about $456,000. OneAscent Wealth Management LLC grew its holdings in shares of Wells Fargo & Company by 1.9% during the 4th quarter. OneAscent Wealth Management LLC now owns 8,623 shares of the financial services provider’s stock worth $606,000 after purchasing an additional 161 shares during the period. Allstate Corp purchased a new position in Wells Fargo & Company in the fourth quarter valued at approximately $7,135,000. Maridea Wealth Management LLC acquired a new position in Wells Fargo & Company during the fourth quarter valued at approximately $381,000. Finally, DnB Asset Management AS grew its stake in Wells Fargo & Company by 2.1% during the fourth quarter. DnB Asset Management AS now owns 613,324 shares of the financial services provider’s stock worth $43,080,000 after buying an additional 12,352 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 2.2 %

NYSE:WFC opened at $70.71 on Friday. The company has a market cap of $230.87 billion, a PE ratio of 13.14, a P/E/G ratio of 1.18 and a beta of 1.16. The business’s 50 day moving average is $75.84 and its two-hundred day moving average is $69.92. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The firm 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.86 earnings per share. On average, analysts predict that Wells Fargo & Company will post 5.89 EPS 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 issued a $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.26%. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Analyst Ratings Changes

WFC has been the topic of a number of research reports. Compass Point raised their target price on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Truist Financial boosted their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. UBS Group increased their target price 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. Keefe, Bruyette & Woods boosted their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Finally, Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $74.97.

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.