Carnegie Lake Advisors LLC Sells 750 Shares of Wells Fargo & Company (NYSE:WFC)

Carnegie Lake Advisors LLC reduced its position in shares of Wells Fargo & Company (NYSE:WFC) by 5.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,018 shares of the financial services provider’s stock after selling 750 shares during the quarter. Carnegie Lake Advisors LLC’s holdings in Wells Fargo & Company were worth $985,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Truvestments Capital LLC bought a new position in Wells Fargo & Company during the 3rd quarter valued at approximately $29,000. Modus Advisors LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $30,000. Decker Retirement Planning Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $32,000. MidAtlantic Capital Management Inc. purchased a new stake in Wells Fargo & Company in the third quarter worth $34,000. Finally, FSA Wealth Management LLC bought a new stake in Wells Fargo & Company in the third quarter valued at $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

WFC opened at $79.05 on Tuesday. The company has a 50 day simple moving average of $73.89 and a two-hundred day simple moving average of $65.51. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The firm has a market cap of $263.21 billion, a P/E ratio of 14.69, a PEG ratio of 1.22 and a beta of 1.18. Wells Fargo & Company has a 1-year low of $47.59 and a 1-year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion during 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 in the prior year, the business posted $0.86 EPS. Equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.02%. Wells Fargo & Company’s dividend payout ratio is presently 29.74%.

Analyst Upgrades and Downgrades

WFC has been the subject of several research reports. Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Barclays increased their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 price objective on shares of Wells Fargo & Company in a research report on Monday, October 14th. Compass Point increased their target price 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. Finally, The Goldman Sachs Group lifted their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of “Hold” and a consensus price target of $73.39.

About Wells Fargo & Company

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.