Platform Technology Partners Lowers Holdings in Wells Fargo & Company (NYSE:WFC)

Platform Technology Partners lowered its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 13.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,886 shares of the financial services provider’s stock after selling 1,511 shares during the quarter. Platform Technology Partners’ holdings in Wells Fargo & Company were worth $694,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Exane Asset Management purchased a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $97,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Wells Fargo & Company during the fourth quarter valued at $2,509,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Wells Fargo & Company by 3.8% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 425,905 shares of the financial services provider’s stock valued at $29,916,000 after acquiring an additional 15,690 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Wells Fargo & Company by 25.1% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 15,529 shares of the financial services provider’s stock worth $1,091,000 after purchasing an additional 3,111 shares in the last quarter. Finally, RNC Capital Management LLC boosted its holdings in shares of Wells Fargo & Company by 129.9% during the 4th quarter. RNC Capital Management LLC now owns 44,476 shares of the financial services provider’s stock valued at $3,124,000 after purchasing an additional 25,127 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC opened at $80.76 on Friday. The business has a fifty day moving average of $73.80 and a 200 day moving average of $65.28. The stock has a market cap of $268.89 billion, a P/E ratio of 15.01, a PEG ratio of 1.19 and a beta of 1.18. 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 $47.47 and a 52-week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s revenue was down .5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 earnings per share. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.84 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 $0.40 dividend. The ex-dividend date is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 1.98%. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on WFC shares. 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 report on Friday, December 6th. Truist Financial upped their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. Finally, Barclays lifted their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Eleven 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.com, the stock has a consensus rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Company Profile

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.