ProVise Management Group LLC Sells 19,102 Shares of Wells Fargo & Company (NYSE:WFC)

ProVise Management Group LLC decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 5.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 352,167 shares of the financial services provider’s stock after selling 19,102 shares during the period. Wells Fargo & Company accounts for about 2.1% of ProVise Management Group LLC’s portfolio, making the stock its 13th largest holding. ProVise Management Group LLC’s holdings in Wells Fargo & Company were worth $24,736,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Spinnaker Trust boosted its holdings in shares of Wells Fargo & Company by 1.8% during the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock worth $520,000 after buying an additional 130 shares during the period. MONECO Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 1.9% during the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock worth $493,000 after buying an additional 134 shares during the period. Crown Wealth Group LLC boosted its holdings in shares of Wells Fargo & Company by 2.2% during the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock worth $467,000 after buying an additional 140 shares during the period. Jacobsen Capital Management boosted its holdings in shares of Wells Fargo & Company by 2.8% during the 4th quarter. Jacobsen Capital Management now owns 5,420 shares of the financial services provider’s stock worth $381,000 after buying an additional 148 shares during the period. Finally, New Republic Capital LLC boosted its holdings in shares of Wells Fargo & Company by 2.9% during the 4th quarter. New Republic Capital LLC now owns 5,249 shares of the financial services provider’s stock worth $369,000 after buying an additional 149 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.3 %

Shares of Wells Fargo & Company stock opened at $71.08 on Wednesday. The firm has a market capitalization of $233.72 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. 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 firm’s 50 day moving average is $75.86 and its 200 day moving average is $69.19. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 15.73% and a return on equity of 12.38%. The firm’s revenue was down .5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.86 EPS. Equities research 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 announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

Analysts Set New Price Targets

Several brokerages have weighed in on WFC. 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. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Compass Point lifted their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods lifted their price objective on shares of 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. Finally, Barclays lifted their price objective 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. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $74.39.

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.