Wells Fargo & Company (NYSE:WFC) is Brookmont Capital Management’s 3rd Largest Position

Brookmont Capital Management cut its stake in Wells Fargo & Company (NYSE:WFC) by 10.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 77,730 shares of the financial services provider’s stock after selling 8,954 shares during the period. Wells Fargo & Company makes up approximately 2.9% of Brookmont Capital Management’s holdings, making the stock its 3rd largest holding. Brookmont Capital Management’s holdings in Wells Fargo & Company were worth $5,460,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Income Research & Management acquired a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $211,000. Mattson Financial Services LLC acquired a new position in shares of Wells Fargo & Company during the 2nd quarter worth approximately $25,000. Modus Advisors LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new position 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 4th quarter valued at $32,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 1.7 %

Shares of Wells Fargo & Company stock opened at $77.22 on Tuesday. The company has a fifty day moving average price of $72.74 and a 200 day moving average price of $63.48. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a twelve month low of $46.12 and a twelve month high of $78.13. The stock has a market cap of $257.11 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 1.16 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm’s revenue was down .5% on a year-over-year basis. During the same period in the prior year, the company earned $0.86 EPS. Equities research analysts forecast that Wells Fargo & Company will post 5.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

WFC has been the subject of several analyst reports. Keefe, Bruyette & Woods boosted their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. UBS Group boosted their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 9th. The Goldman Sachs Group boosted their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Compass Point boosted their price target 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, Truist Financial boosted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price 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.