Woodmont Investment Counsel LLC Cuts Stake in Wells Fargo & Company (NYSE:WFC)

Woodmont Investment Counsel LLC lessened its stake in Wells Fargo & Company (NYSE:WFC) by 7.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,694 shares of the financial services provider’s stock after selling 811 shares during the quarter. Woodmont Investment Counsel LLC’s holdings in Wells Fargo & Company were worth $681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Meridian Wealth Management LLC purchased a new position in Wells Fargo & Company in the third quarter worth about $504,000. Nwam LLC purchased a new stake in shares of Wells Fargo & Company during the third quarter valued at approximately $309,000. Great Valley Advisor Group Inc. increased its position in shares of Wells Fargo & Company by 2.1% during the third quarter. Great Valley Advisor Group Inc. now owns 23,205 shares of the financial services provider’s stock valued at $1,311,000 after acquiring an additional 487 shares in the last quarter. Algert Global LLC purchased a new position in Wells Fargo & Company in the 3rd quarter worth approximately $3,981,000. Finally, Larson Financial Group LLC lifted its position in Wells Fargo & Company by 21.8% in the 3rd quarter. Larson Financial Group LLC now owns 6,129 shares of the financial services provider’s stock valued at $346,000 after acquiring an additional 1,097 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on WFC shares. Barclays lifted their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Morgan Stanley lifted their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price for the company in a research report on Thursday, March 13th. Keefe, Bruyette & Woods raised their price target 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, January 16th. Finally, Citigroup decreased their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.18.

Wells Fargo & Company Stock Up 2.4 %

WFC stock opened at $74.28 on Tuesday. The business’s 50-day moving average price is $76.03 and its 200-day moving average price is $69.62. The stock has a market cap of $244.25 billion, a P/E ratio of 13.81, a PEG ratio of 1.18 and a beta of 1.16. 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 twelve month low of $50.15 and a twelve month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly 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. The business had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.86 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.15%. Wells Fargo & Company’s payout ratio is presently 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.