Wells Fargo & Company (NYSE:WFC) is Wilsey Asset Management Inc.’s 3rd Largest Position

Wilsey Asset Management Inc. cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 1.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 599,745 shares of the financial services provider’s stock after selling 7,309 shares during the quarter. Wells Fargo & Company comprises approximately 7.8% of Wilsey Asset Management Inc.’s holdings, making the stock its 3rd biggest position. Wilsey Asset Management Inc.’s holdings in Wells Fargo & Company were worth $42,126,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Cardinal Capital Management Inc. boosted its stake in Wells Fargo & Company by 2.0% in the 3rd quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock worth $32,505,000 after purchasing an additional 11,037 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in shares of Wells Fargo & Company by 37.2% in the third quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after buying an additional 173,083 shares in the last quarter. Atlantic Union Bankshares Corp boosted its position in shares of Wells Fargo & Company by 17.4% in the third quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock valued at $10,031,000 after acquiring an additional 26,320 shares during the period. Chartwell Investment Partners LLC grew its stake in Wells Fargo & Company by 16.4% during the third quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock valued at $7,504,000 after acquiring an additional 18,717 shares in the last quarter. Finally, Argus Investors Counsel Inc. increased its holdings in Wells Fargo & Company by 34.6% during the 3rd quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock worth $1,780,000 after acquiring an additional 8,107 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $80.76 on Monday. The company has a market capitalization of $268.89 billion, a P/E ratio of 15.01, a PEG ratio of 1.22 and a beta of 1.18. Wells Fargo & Company has a fifty-two week low of $47.47 and a fifty-two week high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a 50 day moving average price of $73.89 and a two-hundred day moving average price of $65.47.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share 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 analysts’ expectations 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 for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.86 EPS. Analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on WFC. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Piper Sandler boosted their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their price objective for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Finally, 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. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $73.39.

Wells Fargo & 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.