SP Asset Management LLC Sells 1,389 Shares of Wells Fargo & Company (NYSE:WFC)

SP Asset Management LLC decreased its holdings in Wells Fargo & Company (NYSE:WFC) by 0.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 276,455 shares of the financial services provider’s stock after selling 1,389 shares during the period. Wells Fargo & Company makes up about 1.6% of SP Asset Management LLC’s portfolio, making the stock its 15th biggest position. SP Asset Management LLC’s holdings in Wells Fargo & Company were worth $19,418,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Ethos Financial Group LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $166,000. Washington Trust Advisors Inc. boosted its holdings in shares of Wells Fargo & Company by 2.5% during the 4th quarter. Washington Trust Advisors Inc. now owns 6,987 shares of the financial services provider’s stock valued at $491,000 after acquiring an additional 169 shares in the last quarter. Inceptionr LLC lifted its holdings in Wells Fargo & Company by 103.1% during the 4th quarter. Inceptionr LLC now owns 12,837 shares of the financial services provider’s stock worth $902,000 after buying an additional 6,515 shares during the period. Dana Investment Advisors Inc. lifted its holdings in Wells Fargo & Company by 2.6% during the 4th quarter. Dana Investment Advisors Inc. now owns 367,844 shares of the financial services provider’s stock worth $25,837,000 after buying an additional 9,259 shares during the period. Finally, Vision Financial Markets LLC acquired a new position in Wells Fargo & Company during the 4th quarter worth about $54,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

WFC has been the topic of several recent research reports. Truist Financial lifted their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. UBS Group lifted their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Morgan Stanley lifted their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Compass Point boosted their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, Piper Sandler boosted their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of “Hold” and a consensus target price of $73.39.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $74.20 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a 50 day moving average price of $76.08 and a two-hundred day moving average price of $68.28. The firm has a market capitalization of $243.97 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.18 and a beta of 1.18. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period in the previous year, the company posted $0.86 EPS. The company’s revenue for the quarter was down .5% on a year-over-year basis. Equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.16%. Wells Fargo & Company’s payout ratio is presently 29.74%.

Wells Fargo & Company Company Profile

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.