City Center Advisors LLC Sells 982 Shares of Wells Fargo & Company (NYSE:WFC)

City Center Advisors LLC trimmed its position in Wells Fargo & Company (NYSE:WFC) by 20.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,844 shares of the financial services provider’s stock after selling 982 shares during the period. City Center Advisors LLC’s holdings in Wells Fargo & Company were worth $270,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Dai ichi Life Insurance Company Ltd raised its holdings in shares of Wells Fargo & Company by 16.4% in the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 141,177 shares of the financial services provider’s stock valued at $8,385,000 after acquiring an additional 19,851 shares in the last quarter. Prosperity Consulting Group LLC raised its stake in Wells Fargo & Company by 7.5% in the second quarter. Prosperity Consulting Group LLC now owns 4,993 shares of the financial services provider’s stock valued at $297,000 after purchasing an additional 349 shares in the last quarter. J.W. Cole Advisors Inc. lifted its position in Wells Fargo & Company by 5.1% during the second quarter. J.W. Cole Advisors Inc. now owns 31,705 shares of the financial services provider’s stock valued at $1,883,000 after purchasing an additional 1,551 shares during the last quarter. Williams Financial LLC purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $829,000. Finally, Element Capital Management LLC bought a new position in shares of Wells Fargo & Company in the 2nd quarter worth $10,363,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $61.00 target price on shares of Wells Fargo & Company in a research report on Monday, October 14th. Compass Point upped their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Barclays raised their price objective on Wells Fargo & Company from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Truist Financial began coverage on Wells Fargo & Company in a research note on Tuesday, January 7th. They issued a “buy” rating and a $82.00 target price for the company. Finally, The Goldman Sachs Group lifted their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Twelve research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $70.01 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm has a market cap of $233.10 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.47 and a beta of 1.18. Wells Fargo & Company has a 1-year low of $46.12 and a 1-year high of $78.13. The firm has a 50-day moving average of $72.13 and a 200-day moving average of $62.97.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The business had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter last year, the business posted $1.39 EPS. The business’s revenue was down 2.4% on a year-over-year basis. Sell-side analysts expect that Wells Fargo & Company will post 5.43 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

Insider Activity at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the sale, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.08% of the stock is currently owned by company insiders.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.