PFG Advisors Reduces Position in Wells Fargo & Company (NYSE:WFC)

PFG Advisors reduced its stake in Wells Fargo & Company (NYSE:WFC) by 92.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,744 shares of the financial services provider’s stock after selling 94,017 shares during the quarter. PFG Advisors’ holdings in Wells Fargo & Company were worth $544,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $26,000. Truvestments Capital LLC purchased a new position in shares of Wells Fargo & Company in the 3rd quarter valued at approximately $29,000. Modus Advisors LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $30,000. McClarren Financial Advisors Inc. purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $30,000. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $32,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WFC has been the topic of several analyst reports. Barclays lifted their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. The Goldman Sachs Group raised their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Citigroup raised their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a report on Thursday. Finally, Keefe, Bruyette & Woods raised their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $74.39.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $70.96 on Friday. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock has a market cap of $233.31 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The business has a fifty day moving average of $75.89 and a 200-day moving average of $68.84. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share 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 company had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period in the previous year, the firm posted $0.86 earnings per share. The business’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were issued 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 2.25%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

Wells Fargo & 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.