Wells Fargo & Company (NYSE:WFC) Shares Sold by Norden Group LLC

Norden Group LLC trimmed its stake in Wells Fargo & Company (NYSE:WFC) by 9.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 54,576 shares of the financial services provider’s stock after selling 5,943 shares during the quarter. Norden Group LLC’s holdings in Wells Fargo & Company were worth $3,833,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Truvestments Capital LLC acquired a new position in shares of Wells Fargo & Company in the 3rd quarter worth $29,000. Modus Advisors LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth $30,000. McClarren Financial Advisors Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth $30,000. Decker Retirement Planning Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth $32,000. Finally, MidAtlantic Capital Management Inc. acquired a new position in shares of Wells Fargo & Company in the 3rd quarter worth $34,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 2.3 %

Shares of WFC opened at $78.35 on Friday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $260.87 billion, a price-to-earnings ratio of 14.56, a P/E/G ratio of 1.18 and a beta of 1.18. The stock’s 50-day moving average price is $75.87 and its 200 day moving average price is $67.86.

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 (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 firm had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. During the same period in the previous year, the company posted $0.86 earnings per share. The company’s quarterly revenue was down .5% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WFC. 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. Morgan Stanley raised their target price on Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. UBS Group lifted their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Barclays lifted their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Finally, Piper Sandler lifted their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $73.39.

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.