Shell Asset Management Co. reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 59.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,096 shares of the financial services provider’s stock after selling 37,606 shares during the period. Shell Asset Management Co.’s holdings in Wells Fargo & Company were worth $1,284,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of WFC. First Financial Corp IN boosted its position in shares of Wells Fargo & Company by 4.9% in the fourth quarter. First Financial Corp IN now owns 4,595 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 214 shares during the last quarter. CX Institutional boosted its position in shares of Wells Fargo & Company by 1.1% in the fourth quarter. CX Institutional now owns 20,280 shares of the financial services provider’s stock worth $998,000 after acquiring an additional 217 shares during the last quarter. Cape Investment Advisory Inc. boosted its position in shares of Wells Fargo & Company by 3.4% in the fourth quarter. Cape Investment Advisory Inc. now owns 6,746 shares of the financial services provider’s stock worth $332,000 after acquiring an additional 219 shares during the last quarter. Cassaday & Co Wealth Management LLC boosted its position in shares of Wells Fargo & Company by 4.1% in the fourth quarter. Cassaday & Co Wealth Management LLC now owns 5,645 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 224 shares during the last quarter. Finally, ERTS Wealth Advisors LLC boosted its position in shares of Wells Fargo & Company by 3.5% in the fourth quarter. ERTS Wealth Advisors LLC now owns 6,733 shares of the financial services provider’s stock worth $331,000 after acquiring an additional 228 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts recently issued reports on WFC shares. JPMorgan Chase & Co. raised their target price on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Argus raised their target price on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Jefferies Financial Group raised their target price on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Evercore ISI lifted their price target on shares of Wells Fargo & Company from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Thursday, March 28th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $62.00 price target (up from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. Fourteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $58.99.
Check Out Our Latest Stock Analysis on Wells Fargo & Company
Wells Fargo & Company Price Performance
Wells Fargo & Company stock opened at $57.94 on Tuesday. The business’s 50-day simple moving average is $59.37 and its 200 day simple moving average is $53.86. The stock has a market cap of $202.00 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 1.54 and a beta of 1.17. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last posted its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The business had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. During the same quarter last year, the business earned $1.23 earnings per share. The firm’s quarterly revenue was up .6% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Company will post 5.08 earnings per share for the current year.
Wells Fargo & Company Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Friday, May 10th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.23%.
About Wells Fargo & Company
Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
See Also
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Source: defenseworld.net
