Wells Fargo & Company (NYSE:WFC) Position Cut by New Wave Wealth Advisors LLC

New Wave Wealth Advisors LLC lowered its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 4.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,718 shares of the financial services provider’s stock after selling 338 shares during the period. New Wave Wealth Advisors LLC’s holdings in Wells Fargo & Company were worth $472,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Two Sigma Advisers LP lifted its holdings in Wells Fargo & Company by 730.4% in the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after purchasing an additional 5,237,500 shares during the period. Canoe Financial LP acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter worth approximately $160,529,000. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Wells Fargo & Company by 158.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock valued at $153,069,000 after acquiring an additional 1,659,716 shares in the last quarter. Artemis Investment Management LLP increased its stake in shares of Wells Fargo & Company by 410.8% during the fourth quarter. Artemis Investment Management LLP now owns 1,374,812 shares of the financial services provider’s stock valued at $96,567,000 after acquiring an additional 1,105,679 shares during the period. Finally, National Pension Service raised its holdings in Wells Fargo & Company by 15.2% during the third quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after purchasing an additional 897,195 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. UBS Group increased their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. The Goldman Sachs Group upped their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Keefe, Bruyette & Woods boosted their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Barclays upped their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Finally, Piper Sandler upped their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Eleven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Stock Up 0.7 %

Shares of NYSE:WFC opened at $78.89 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market cap of $262.67 billion, a P/E ratio of 14.66, a P/E/G ratio of 1.18 and a beta of 1.18. Wells Fargo & Company has a 12 month low of $47.45 and a 12 month high of $79.24. The company’s 50-day moving average price is $73.53 and its two-hundred day moving average price is $64.58.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business’s revenue for the quarter was down .5% on a year-over-year basis. During the same period last year, the firm earned $0.86 EPS. As a group, research analysts forecast that Wells Fargo & Company will post 5.84 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is 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.