Avion Wealth Lowers Holdings in Wells Fargo & Company (NYSE:WFC)

Avion Wealth reduced its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 40.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,288 shares of the financial services provider’s stock after selling 5,730 shares during the period. Avion Wealth’s holdings in Wells Fargo & Company were worth $582,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Two Sigma Advisers LP increased its position in shares of Wells Fargo & Company by 730.4% during the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after acquiring an additional 5,237,500 shares during the period. Canoe Financial LP acquired a new position in Wells Fargo & Company during the 3rd quarter worth $160,529,000. Caisse DE Depot ET Placement DU Quebec increased its holdings in Wells Fargo & Company by 158.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock worth $153,069,000 after purchasing an additional 1,659,716 shares during the period. Artemis Investment Management LLP raised its position in Wells Fargo & Company by 410.8% in the 4th quarter. Artemis Investment Management LLP now owns 1,374,812 shares of the financial services provider’s stock valued at $96,567,000 after purchasing an additional 1,105,679 shares in the last quarter. Finally, National Pension Service boosted its stake in shares of Wells Fargo & Company by 15.2% in the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock valued at $383,532,000 after buying an additional 897,195 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 0.7 %

WFC opened at $79.66 on Wednesday. Wells Fargo & Company has a one year low of $47.59 and a one year high of $81.50. The company has a market cap of $265.23 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 1.22 and a beta of 1.18. The business’s fifty day moving average is $73.97 and its two-hundred day moving average is $65.64. 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 (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The company’s revenue for the quarter was down .5% compared to the same quarter last year. Analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on WFC shares. Truist Financial upped their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Barclays increased their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their price objective for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Citigroup boosted their target price on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Finally, The Goldman Sachs Group raised their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and a consensus 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.