Western Wealth Management LLC Lowers Stock Position in Wells Fargo & Company (NYSE:WFC)

Western Wealth Management LLC cut its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,226 shares of the financial services provider’s stock after selling 362 shares during the period. Western Wealth Management LLC’s holdings in Wells Fargo & Company were worth $996,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in WFC. Fortis Group Advisors LLC purchased a new position in Wells Fargo & Company during the third quarter valued at $25,000. Arlington Trust Co LLC purchased a new position in Wells Fargo & Company during the fourth quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. lifted its holdings in Wells Fargo & Company by 208.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 356,620 shares in the last quarter. Studio Investment Management LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Wells Fargo & Company in the first quarter worth about $28,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 2.7 %

Shares of WFC stock opened at $60.36 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market capitalization of $213.68 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 1.14 and a beta of 1.19. The company has a 50 day moving average price of $55.88 and a 200 day moving average price of $48.82. Wells Fargo & Company has a fifty-two week low of $36.40 and a fifty-two week high of $60.85.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. The firm had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.23 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 5.06 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 2nd were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.40 dividend on an annualized basis and a yield of 2.32%. Wells Fargo & Company’s dividend payout ratio is currently 29.23%.

Wall Street Analyst Weigh In

WFC has been the topic of several research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 price target (up from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Odeon Capital Group downgraded shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 price target on the stock. in a research note on Thursday, January 18th. Evercore ISI raised their price target on shares of Wells Fargo & Company from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Finally, Piper Sandler cut their price objective on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, January 16th. Thirteen research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $58.85.

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.