Poplar Forest Capital LLC Has $26.17 Million Stake in Wells Fargo & Company (NYSE:WFC)

Poplar Forest Capital LLC reduced its stake in Wells Fargo & Company (NYSE:WFC) by 35.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 531,748 shares of the financial services provider’s stock after selling 287,660 shares during the period. Wells Fargo & Company makes up 3.8% of Poplar Forest Capital LLC’s portfolio, making the stock its 10th largest holding. Poplar Forest Capital LLC’s holdings in Wells Fargo & Company were worth $26,173,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Stoneridge Investment Partners LLC lifted its position in shares of Wells Fargo & Company by 410.5% in the third quarter. Stoneridge Investment Partners LLC now owns 67,480 shares of the financial services provider’s stock worth $2,757,000 after buying an additional 54,262 shares in the last quarter. United Services Automobile Association raised its holdings in shares of Wells Fargo & Company by 13.7% during the 3rd quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock worth $4,000,000 after acquiring an additional 11,825 shares in the last quarter. Synovus Financial Corp boosted its position in shares of Wells Fargo & Company by 61.7% during the 3rd quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock valued at $4,983,000 after acquiring an additional 46,525 shares during the last quarter. Trust Point Inc. purchased a new stake in Wells Fargo & Company during the fourth quarter valued at $2,499,000. Finally, Golden State Equity Partners lifted its position in Wells Fargo & Company by 98.8% during the third quarter. Golden State Equity Partners now owns 60,998 shares of the financial services provider’s stock valued at $2,492,000 after purchasing an additional 30,316 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

WFC has been the subject of several recent research reports. HSBC lifted their price target on Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Barclays boosted their target price on Wells Fargo & Company from $54.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Piper Sandler lowered their target price on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, January 16th. Compass Point reiterated a “neutral” rating and set a $64.00 price target on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $55.00 price objective on shares of Wells Fargo & Company in a research report on Monday, January 8th. Thirteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.85.

Wells Fargo & Company Stock Down 0.5 %

Shares of WFC stock traded down $0.34 during mid-day trading on Wednesday, hitting $60.61. 19,723,388 shares of the stock traded hands, compared to its average volume of 19,057,547. Wells Fargo & Company has a 52-week low of $36.40 and a 52-week high of $61.76. The stock has a market cap of $214.57 billion, a P/E ratio of 12.65, a P/E/G ratio of 1.18 and a beta of 1.19. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86. The stock’s fifty day moving average is $56.61 and its two-hundred day moving average is $49.34.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same quarter in the prior year, the company posted $1.23 earnings per share. Wells Fargo & Company’s revenue for the quarter was up .6% compared to the same quarter last year. Equities analysts predict that Wells Fargo & Company will post 5.06 EPS for the current year.

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.