KG&L Capital Management LLC Reduces Stake in Wells Fargo & Company (NYSE:WFC)

KG&L Capital Management LLC cut its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 63.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,044 shares of the financial services provider’s stock after selling 17,290 shares during the quarter. KG&L Capital Management LLC’s holdings in Wells Fargo & Company were worth $705,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Wells Fargo & Company during the 2nd quarter valued at about $26,000. Mattson Financial Services LLC purchased a new position in Wells Fargo & Company during the second quarter valued at approximately $25,000. Abacus Planning Group Inc. lifted its holdings in Wells Fargo & Company by 14.4% in the third quarter. Abacus Planning Group Inc. now owns 5,073 shares of the financial services provider’s stock valued at $287,000 after acquiring an additional 640 shares during the period. Czech National Bank boosted its position in Wells Fargo & Company by 4.4% in the 3rd quarter. Czech National Bank now owns 693,384 shares of the financial services provider’s stock worth $39,169,000 after purchasing an additional 28,976 shares in the last quarter. Finally, Farmers Trust Co. grew its stake in shares of Wells Fargo & Company by 2.6% during the 3rd quarter. Farmers Trust Co. now owns 11,963 shares of the financial services provider’s stock worth $676,000 after purchasing an additional 300 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Down 0.0 %

Shares of Wells Fargo & Company stock opened at $78.81 on Friday. Wells Fargo & Company has a 1-year low of $47.45 and a 1-year high of $79.29. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market cap of $262.40 billion, a P/E ratio of 14.65, a P/E/G ratio of 1.18 and a beta of 1.18. The stock’s 50 day simple moving average is $73.59 and its 200-day simple moving average is $64.72.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate 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 prior year, the business earned $0.86 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. Analysts predict that Wells Fargo & Company will post 5.84 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.03%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WFC. Truist Financial increased their price target on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Citigroup raised their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their price target for the stock from $60.83 to $65.00 in a report on Tuesday, October 15th. Compass Point raised their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Finally, Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a research note on Tuesday, October 8th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and a consensus price target of $73.39.

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.