Element Wealth LLC Sells 191 Shares of Wells Fargo & Company (NYSE:WFC)

Element Wealth LLC trimmed its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 12,051 shares of the financial services provider’s stock after selling 191 shares during the quarter. Element Wealth LLC’s holdings in Wells Fargo & Company were worth $846,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Prentice Wealth Management LLC raised its position in shares of Wells Fargo & Company by 4.7% during the fourth quarter. Prentice Wealth Management LLC now owns 9,426 shares of the financial services provider’s stock worth $662,000 after acquiring an additional 422 shares during the last quarter. Leuthold Group LLC bought a new stake in Wells Fargo & Company in the fourth quarter worth approximately $344,000. Paradigm Asset Management Co. LLC increased its holdings in Wells Fargo & Company by 50.2% in the fourth quarter. Paradigm Asset Management Co. LLC now owns 64,352 shares of the financial services provider’s stock worth $4,520,000 after purchasing an additional 21,500 shares in the last quarter. Grove Street Fiduciary LLC bought a new stake in Wells Fargo & Company in the fourth quarter worth approximately $265,000. Finally, Arcadia Investment Management Corp MI increased its holdings in Wells Fargo & Company by 22.1% in the fourth quarter. Arcadia Investment Management Corp MI now owns 1,221 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 221 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Down 1.5 %

Shares of NYSE:WFC opened at $77.43 on Friday. The business’s 50 day moving average is $75.20 and its 200 day moving average is $66.90. 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 has a 12-month low of $50.15 and a 12-month high of $81.50. The stock has a market cap of $257.81 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 1.18 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping 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 business had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter in the previous year, the firm earned $0.86 earnings per share. The business’s revenue was down .5% on a year-over-year basis. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.07%. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Piper Sandler lifted their target price on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. 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. Evercore ISI lifted their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. 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. Finally, UBS Group boosted their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. Eleven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and an average target price of $73.39.

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.