Sound Shore Management Inc. CT Has $109.09 Million Stake in Wells Fargo & Company (NYSE:WFC)

Sound Shore Management Inc. CT lessened its stake in shares of Wells Fargo & Company (NYSE:WFC) by 12.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,553,099 shares of the financial services provider’s stock after selling 219,396 shares during the period. Wells Fargo & Company makes up about 3.6% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 2nd largest holding. Sound Shore Management Inc. CT’s holdings in Wells Fargo & Company were worth $109,090,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of WFC. Eagle Asset Management Inc. increased its holdings in shares of Wells Fargo & Company by 10.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 169,501 shares of the financial services provider’s stock worth $9,575,000 after purchasing an additional 15,411 shares in the last quarter. Meridian Wealth Management LLC bought a new stake in shares of Wells Fargo & Company in the 3rd quarter worth $504,000. Nwam LLC bought a new stake in shares of Wells Fargo & Company in the 3rd quarter worth $309,000. Stonebrook Private Inc. bought a new stake in shares of Wells Fargo & Company in the 3rd quarter worth $214,000. Finally, Great Valley Advisor Group Inc. increased its holdings in shares of Wells Fargo & Company by 2.1% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 23,205 shares of the financial services provider’s stock worth $1,311,000 after purchasing an additional 487 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on WFC shares. 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 report on Thursday, March 13th. Compass Point raised their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Truist Financial raised their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Piper Sandler raised their price target on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods raised their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research note on Thursday, January 16th. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.39.

Wells Fargo & Company Price Performance

NYSE WFC opened at $72.51 on Monday. The company has a market capitalization of $238.43 billion, a PE ratio of 13.48, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The business’s fifty day moving average is $75.95 and its 200 day moving average is $69.50. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

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

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.21%. Wells Fargo & Company’s payout ratio is 29.74%.

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.