Pallas Capital Advisors LLC Sells 782 Shares of Wells Fargo & Company (NYSE:WFC)

Pallas Capital Advisors LLC trimmed its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,594 shares of the financial services provider’s stock after selling 782 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Wells Fargo & Company were worth $2,781,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dai ichi Life Insurance Company Ltd boosted its position in shares of Wells Fargo & Company by 16.4% during the second quarter. Dai ichi Life Insurance Company Ltd now owns 141,177 shares of the financial services provider’s stock worth $8,385,000 after acquiring an additional 19,851 shares during the last quarter. Prosperity Consulting Group LLC increased its holdings in shares of Wells Fargo & Company by 7.5% in the second quarter. Prosperity Consulting Group LLC now owns 4,993 shares of the financial services provider’s stock worth $297,000 after purchasing an additional 349 shares during the last quarter. J.W. Cole Advisors Inc. lifted its position in shares of Wells Fargo & Company by 5.1% in the second quarter. J.W. Cole Advisors Inc. now owns 31,705 shares of the financial services provider’s stock worth $1,883,000 after buying an additional 1,551 shares in the last quarter. Williams Financial LLC purchased a new stake in shares of Wells Fargo & Company in the second quarter worth about $829,000. Finally, Element Capital Management LLC bought a new position in Wells Fargo & Company during the second quarter valued at approximately $10,363,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the sale, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.08% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent research reports. Truist Financial started coverage on Wells Fargo & Company in a report on Tuesday, January 7th. They set a “buy” rating and a $82.00 price objective on the stock. Evercore ISI upped 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 note on Wednesday, October 30th. Piper Sandler lifted their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Barclays upped their target price on shares of Wells Fargo & Company from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Compass Point lifted their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Twelve analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $69.92.

Wells Fargo & Company Stock Performance

NYSE:WFC traded up $0.63 during midday trading on Monday, hitting $70.59. The company’s stock had a trading volume of 10,435,976 shares, compared to its average volume of 12,538,234. Wells Fargo & Company has a fifty-two week low of $46.12 and a fifty-two week high of $78.13. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $235.03 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.47 and a beta of 1.18. The firm’s 50 day moving average is $72.13 and its 200-day moving average is $62.97.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period last year, the firm earned $1.39 EPS. Equities analysts anticipate that Wells Fargo & Company will post 5.43 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.27%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 33.26%.

Wells Fargo & Company Profile

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.