Pacer Advisors Inc. trimmed its position in Wells Fargo & Company (NYSE:WFC) by 18.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 298,325 shares of the financial services provider’s stock after selling 69,733 shares during the period. Pacer Advisors Inc.’s holdings in Wells Fargo & Company were worth $27,804,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Private Wealth Group LLC raised its position in shares of Wells Fargo & Company by 2.5% in the fourth quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider’s stock worth $421,000 after buying an additional 108 shares in the last quarter. Nixon Peabody Trust Co. grew its position in Wells Fargo & Company by 3.6% during the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock worth $312,000 after buying an additional 115 shares in the last quarter. Simmons Bank grew its position in Wells Fargo & Company by 1.9% during the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock worth $593,000 after buying an additional 116 shares in the last quarter. Moss Adams Wealth Advisors LLC increased its stake in Wells Fargo & Company by 1.0% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider’s stock worth $1,123,000 after acquiring an additional 117 shares during the last quarter. Finally, D Orazio & Associates Inc. increased its stake in Wells Fargo & Company by 3.6% in the 3rd quarter. D Orazio & Associates Inc. now owns 3,436 shares of the financial services provider’s stock worth $288,000 after acquiring an additional 118 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have weighed in on WFC. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a report on Monday, April 20th. Truist Financial decreased their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “buy” rating on the stock in a research report on Tuesday, March 17th. Jefferies Financial Group started coverage on shares of Wells Fargo & Company in a research note on Thursday, March 26th. They issued a “buy” rating and a $100.00 target price on the stock. Finally, Evercore reiterated an “outperform” rating on shares of Wells Fargo & Company in a research report on Friday, March 6th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $98.24.
Wells Fargo & Company Trading Up 0.1%
Shares of WFC stock opened at $82.31 on Friday. The business has a 50-day moving average price of $79.70 and a two-hundred day moving average price of $84.59. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12. The firm has a market cap of $251.89 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating the consensus estimate of $1.58 by $0.02. The firm had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The company’s revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.39 EPS. Equities analysts anticipate that Wells Fargo & Company will post 6.86 EPS for the current fiscal year.
Wells Fargo & Company Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a $0.45 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.2%. Wells Fargo & Company’s dividend payout ratio is currently 27.78%.
Wells Fargo & Company Company Profile
Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.
Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.
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