Wells Fargo & Company (NYSE:WFC) Shares Sold by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. reduced its position in Wells Fargo & Company (NYSE:WFC) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 147,315 shares of the financial services provider’s stock after selling 3,520 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Wells Fargo & Company were worth $10,347,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC acquired a new position in Wells Fargo & Company in the 4th quarter valued at $26,000. Rakuten Securities Inc. raised its stake in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 237 shares during the last quarter. Modus Advisors LLC acquired a new position in Wells Fargo & Company in the 4th quarter valued at $30,000. McClarren Financial Advisors Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at $30,000. Finally, Decker Retirement Planning Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at $32,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $70.88 on Tuesday. The business has a 50-day moving average of $75.87 and a 200 day moving average of $69.11. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The stock has a market capitalization of $233.07 billion, a price-to-earnings ratio of 13.17, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly 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 company had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter last year, the company earned $0.86 EPS. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Analysts Set New Price Targets

WFC has been the subject of several recent research reports. The Goldman Sachs Group increased their price objective 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. Citigroup upped their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Piper Sandler upped their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Truist Financial upped their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Finally, Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price for the company in a report on Thursday, March 13th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus price target of $74.39.

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.