Altfest L J & Co. Inc. Has $420,000 Stock Position in Wells Fargo & Company (NYSE:WFC)

Altfest L J & Co. Inc. cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 17.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,526 shares of the financial services provider’s stock after selling 1,842 shares during the period. Altfest L J & Co. Inc.’s holdings in Wells Fargo & Company were worth $420,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of WFC. Fortis Group Advisors LLC bought a new stake in shares of Wells Fargo & Company in the third quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. raised its stake in Wells Fargo & Company by 208.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after buying an additional 356,620 shares during the last quarter. Studio Investment Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $28,000. Strategic Investment Solutions Inc. IL bought a new position in Wells Fargo & Company in the 1st quarter worth about $28,000. Finally, Baystate Wealth Management LLC increased its stake in Wells Fargo & Company by 53.0% during the 3rd quarter. Baystate Wealth Management LLC now owns 803 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 278 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on WFC shares. HSBC upped their target price on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 target price (up previously from $56.00) on shares of Wells Fargo & Company in a report on Wednesday. Evercore ISI upped their price target on Wells Fargo & Company from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Thursday. Compass Point increased their price objective on Wells Fargo & Company from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, March 13th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $55.00 target price on shares of Wells Fargo & Company in a research report on Monday, January 8th. Twelve analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $55.85.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock traded up $0.39 during midday trading on Thursday, hitting $58.00. 5,503,738 shares of the company were exchanged, compared to its average volume of 18,989,348. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.88 and a current ratio of 0.88. Wells Fargo & Company has a fifty-two week low of $36.27 and a fifty-two week high of $58.44. The business has a fifty day simple moving average of $52.78 and a two-hundred day simple moving average of $46.94. The firm has a market capitalization of $205.34 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 1.18 and a beta of 1.19.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.30). Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. The firm had revenue of $20.48 billion for the quarter, compared to analysts’ expectations of $20.30 billion. During the same period last year, the company posted $0.67 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts forecast that Wells Fargo & Company will post 4.72 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were given a dividend of $0.35 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.40 dividend on an annualized basis and a yield of 2.41%. Wells Fargo & Company’s dividend payout ratio is currently 29.05%.

Wells Fargo & Company Profile

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.