Wedgewood Investors Inc. PA Cuts Holdings in Wells Fargo & Company (NYSE:WFC)

Wedgewood Investors Inc. PA lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 5.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,684 shares of the financial services provider’s stock after selling 200 shares during the period. Wedgewood Investors Inc. PA’s holdings in Wells Fargo & Company were worth $259,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Truvestments Capital LLC bought a new position in Wells Fargo & Company during the third quarter valued at approximately $29,000. Modus Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $30,000. McClarren Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at $30,000. Decker Retirement Planning Inc. purchased a new position in Wells Fargo & Company in the 4th quarter worth $32,000. Finally, MidAtlantic Capital Management Inc. bought a new stake in Wells Fargo & Company in the third quarter worth $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group raised 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. Keefe, Bruyette & Woods lifted their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research note on Thursday, January 16th. Truist Financial increased their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Piper Sandler lifted their target price 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. Finally, Morgan Stanley increased their price target on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $79.68 on Friday. Wells Fargo & Company has a 12 month low of $48.62 and a 12 month high of $81.50. The firm has a market capitalization of $265.29 billion, a P/E ratio of 14.81, a P/E/G ratio of 1.22 and a beta of 1.18. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The business has a fifty day simple moving average of $74.41 and a two-hundred day simple moving average of $66.10.

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, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period last year, the company posted $0.86 EPS. Wells Fargo & Company’s revenue was down .5% on a year-over-year basis. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

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.