Alpha Cubed Investments LLC Decreases Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Alpha Cubed Investments LLC lowered its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 10.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 34,742 shares of the financial services provider’s stock after selling 3,900 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Wells Fargo & Company were worth $1,710,000 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. Panagora Asset Management Inc. increased its stake in Wells Fargo & Company by 131.0% in the third quarter. Panagora Asset Management Inc. now owns 3,453,854 shares of the financial services provider’s stock worth $141,124,000 after purchasing an additional 1,958,483 shares during the period. Nordea Investment Management AB grew its stake in shares of Wells Fargo & Company by 42.7% during the fourth quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock worth $285,668,000 after acquiring an additional 1,729,132 shares during the last quarter. Artemis Investment Management LLP raised its stake in Wells Fargo & Company by 87.8% in the 4th quarter. Artemis Investment Management LLP now owns 3,314,853 shares of the financial services provider’s stock worth $163,160,000 after acquiring an additional 1,549,979 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in Wells Fargo & Company in the third quarter valued at approximately $54,894,000. Finally, Canada Pension Plan Investment Board grew its position in Wells Fargo & Company by 37.7% during the 3rd quarter. Canada Pension Plan Investment Board now owns 4,260,350 shares of the financial services provider’s stock worth $174,078,000 after purchasing an additional 1,166,000 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $51.00 price target on shares of Wells Fargo & Company in a report on Tuesday, January 9th. Morgan Stanley lifted their target price on Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Piper Sandler lowered their price objective on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, January 16th. Barclays boosted their price target on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Raymond James increased their price objective on Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 16th. Thirteen research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $58.85.

Wells Fargo & Company Trading Down 0.3 %

WFC opened at $59.17 on Wednesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. Wells Fargo & Company has a one year low of $36.40 and a one year high of $61.76. The company has a market cap of $209.49 billion, a P/E ratio of 12.38, a PEG ratio of 1.16 and a beta of 1.19. The business’s 50-day simple moving average is $57.24 and its 200-day simple moving average is $49.97.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.10. The business had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.23 EPS. As a group, equities research analysts expect that Wells Fargo & Company will post 5.06 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.37%. Wells Fargo & Company’s payout ratio is 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.