Lummis Asset Management LP Cuts Stock Position in Wells Fargo & Company (NYSE:WFC)

Lummis Asset Management LP trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,559 shares of the financial services provider’s stock after selling 515 shares during the period. Wells Fargo & Company accounts for 2.5% of Lummis Asset Management LP’s holdings, making the stock its 14th biggest position. Lummis Asset Management LP’s holdings in Wells Fargo & Company were worth $1,936,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Income Research & Management acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter worth $211,000. Mattson Financial Services LLC acquired a new position in Wells Fargo & Company in the 2nd quarter valued at about $25,000. Modus Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $26,000. Finally, Decker Retirement Planning Inc. acquired a new position in Wells Fargo & Company in the fourth quarter valued at approximately $32,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WFC has been the subject of several recent analyst reports. Compass Point lifted their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods boosted their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research report on Tuesday, October 8th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Evercore ISI upped their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Twelve research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $72.17.

Wells Fargo & Company Price Performance

WFC stock opened at $77.22 on Friday. The business’s 50-day moving average is $72.60 and its two-hundred day moving average is $63.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $257.11 billion, a P/E ratio of 16.05, a P/E/G ratio of 1.39 and a beta of 1.18. Wells Fargo & Company has a 1 year low of $46.12 and a 1 year high of $78.13.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The firm had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter last year, the company earned $0.86 earnings per share. The firm’s revenue was down .5% compared to the same quarter last year. Analysts anticipate that Wells Fargo & Company will post 5.45 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 Sunday, December 1st. Investors of record on Friday, November 8th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 33.26%.

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.